Hello fellow BHs. Looking for some high level guidance on how to tackle taxes this year regarding my botch up last year with backdoor conversion. See details with timeline below.
How did some of you that went through similar situation below handle the 1099-Rs? I’m pretty decent at figuring stuff out myself but if yall feel it’s best to hunt down a CPA to help, then I will begin looking.
I appreciate your guidance in advance.
Situation and Timeline
Dec 2022: Directly contributed $6k to Roth IRA by mistake ( I didn’t qualify for direct contribution)
Jan 2023: Recharacterized that Dec 2022 contribution back to my TIRA and then did a backdoor into Roth IRA for 2022. The amount I recharacterized was $6458 but by the time I converted it through backdoor was $6266.
See this post for more details as I had reached out to the community for guidance.
viewtopic.php?t=396530
Please also note that I didn’t show my $6266 contribution to Roth IRA in my 8606 because it was technically done in 2023.
Dec 2023: Contributed $6500 to Roth IRA through backdoor method for tax year 2023.
Jan 2024: Received two different 1099-Rs from Vanguard. One shows the $6258 amount. The second one shows $12769.
Problem: As soon as I import the two 1099-Rs in turbo tax, I get hit with owing about 4k+ taxes.
How did some of you that went through similar situation below handle the 1099-Rs? I’m pretty decent at figuring stuff out myself but if yall feel it’s best to hunt down a CPA to help, then I will begin looking.
I appreciate your guidance in advance.
Situation and Timeline
Dec 2022: Directly contributed $6k to Roth IRA by mistake ( I didn’t qualify for direct contribution)
Jan 2023: Recharacterized that Dec 2022 contribution back to my TIRA and then did a backdoor into Roth IRA for 2022. The amount I recharacterized was $6458 but by the time I converted it through backdoor was $6266.
See this post for more details as I had reached out to the community for guidance.
viewtopic.php?t=396530
Please also note that I didn’t show my $6266 contribution to Roth IRA in my 8606 because it was technically done in 2023.
Dec 2023: Contributed $6500 to Roth IRA through backdoor method for tax year 2023.
Jan 2024: Received two different 1099-Rs from Vanguard. One shows the $6258 amount. The second one shows $12769.
Problem: As soon as I import the two 1099-Rs in turbo tax, I get hit with owing about 4k+ taxes.
Statistics: Posted by m7a8a6 — Sun Feb 11, 2024 10:49 pm — Replies 0 — Views 79