Hello,
Please bare with in trying to explain the situation.
1. I contributed $6500 in 2023 to my Roth IRA but my 2023 AGI exceeded the limits for Roth.
2. So I recategorize in 2024 before tax filing, to Trad IRA but here was capital gains total transferred $6,835.47.
3. I converted Trad IRA back to Roth of $6,835.47.
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My questions:
1. Is there any action I need to do for 2023 or 2024.
2. What do I need to do with the extra capital gains $335.47.
3. How would I do what is needed on the TurboTax software. If someone can walk me through the steps.
Thanks.
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For the $6,500 ROTH IRA distribution, you need to enter a substitute Form 1099-R in TurboTax as follows:
To enter a refund of excess IRA contributions in the current year follow these steps:
For the backdoor IRA, enter a traditional IRA contribution in the Deductions and Credits section of TurboTax, then Retirements and Investments, then Traditional and Roth IRA Contributions. Indicate that your traditional IRA contribution is non-deductible when asked in the program:
Since the rollover will occur in 2024, you will wait until you receive that Form 1099-R in 2025 to report the rollover on your 2024 tax return. When you do that, you will enter the Form 1099-R and indicate by answering questions in the program that you converted non-deductible IRA funds to a ROTH IRA.
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