In that case, your backdoor Roth of 2024 will have to be pro-rated with the $3 left in IRA at the end of the year. This will probably leave a small amount of "basis" in the tIRA which you will get credited for in the 2025 backdoor Roth process.Yes, left over from doing backdoor Roth in 2024. Yes it was there at the end of 2024. I just transferred everything to Roth and will pay taxes on the 3.04. I hope turbo tax will let me file this correctly next year when I need to report this extra 3.04 conversion.
Is this left over from doing backdoor Roth in 2024? Was it in the IRA at the end of the year?
You are using Turbo tax which will handle this correctly both years if you answer the questions correctly. Here is a link that will tell you how to do that. These instructions are for 2023 but this page may be updated in the next few weeks.
https://thefinancebuff.com/how-to-repor ... botax.html
Converting the extra $3 in 2025 was the right thing to do.
Statistics: Posted by retiredjg — Fri Jan 03, 2025 3:58 pm — Replies 6 — Views 334