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Level 2
posted Feb 28, 2024 10:52:26 PM

Traditional IRA to Roth IRA conversion

I made $7500 after tax  contribution to a traditional IRA account at Fidelity in December 2023. In January 2024 I transferred the $7500 to a Roth IRA also under Fidelity. I did it online. In Fidelity, it is probably called "transfer" (from traditional IRA account to Roth IRA account) . I thought this is a backdoor conversion. When I used Turbotax to do my tax, on this page called "Tell Us How Much You Transferred", the question is like this - How much of the the $7500 you contributed to a traditional IRA for 2023 did you switch, or "recharacterized" (this does not include conversions or rollovers), to a Roth IRA?

Amount Switched from a Traditional IRA Contribution to a Roth IRA Contribution "??"

How should I answer this question? - 0 or 7500?   

0 2 335
2 Replies
Level 15
Feb 28, 2024 11:54:09 PM

You did a conversion.

Also you did it in 2024 so it goes on your 2024 tax return.

 

For 2023 you tell TurboTax that you elect to make your 2023 contribution of $7,500 non-deductible.

You will have Form 8606 attached to your 2023 tax return to show that.

Do not take a deduction for your contribution.

 

That's all you can do for the 2023 tax season.

 

@sean99 

Level 15
Feb 29, 2024 4:22:24 AM

@sean99 , you switched nothing.