Late Backdoor Roth Contribution

[elnguyen7]

Please help. I made a late contribution and conversion using the backdoor method. 

In January 2024, I contributed $6,500 to my traditional IRA and converted it to my Roth IRA with the intent of using it for my 2023 Roth IRA contribution. In January 2024, I also contributed $7,000 to my traditional IRA and converted it to my Roth IRA for my 2024 contribution. I accrued only 1 cent of interest, and it is still in the traditional IRA.



How do I answer the following questions properly when filing my taxes?
1. What my total basis for Dec 31, 2023? Is this $13,500? If so, it doesn't line up with my Form 8606 line 14 which is $0. If it's any less than $13,500, it appears that I'm getting taxed on the contribution/conversion which I don't believe is correct.

2. What do I put for my explanation if I put $13,500 for #1? Is it just that I did a late contribution and conversion to my 2023 Roth IRA?

3. Any Nondeductible Contributions to Your IRA? I do have a form 8606, so is this yes?

[KeshaH]

1. If you didn't include the deduction for the contribution on your tax return, your total basis in traditional accounts is $6,500 as of December 31, 2023. Even though you made the contribution in 2024, it was treated as being done for 2023. The conversion would still be treated to have occurred in 2024. 

2. The explanation would be that you made a nondeductible contribution after December 31 that wasn't accounted for on your prior 8606.

3. Your 2023 contribution would be nondeductible.