traditional IRA to roth ira transfer

[pankur2000]

I opened a Traditional IRA account in 2019 and deposited nondeductible 7000 dollars into it and then after few days transferred the whole amount to roth IRA. Does this count as re-characterization or conversion? I entered traditional IRA deposit of 7k in turbo tax  when it asked me. It is then asking me whether I re-characterized to roth IRA? what should I do now, as if I answer yes it tells me to pay 420 dollars every year from this year as penalty. My broker firm already did use form to convert my trad. IRA to roth IRA when transferring the money, do I need to do anything if it is just conversion to roth IRA?

pankur2000

[AmyC · Accepted solution]

Please follow these steps to make sure your entries are correct, How do I enter a backdoor Roth IRA conversion?

[pankur2000]

thank you so much. It is best step by step explanation Amy C