regular ira to roth ira same day same year ( back door ira ) still getting taxed the return please advise

[rugby1]

regular ira to roth ira same day same year ( back door ira ) still getting taxed the return please advise

[rbynaker]

I don't know PTO, but what does your 8606 look like?

You should have a $6K nondeductible IRA contribution followed by the conversion to Roth with 100% of the basis allocated to the conversion because the FMV of all flavors of traditional IRA is now $0.

[rugby1]

CAN I EMAIL YOU THE 8606 ?

[walnut123]

Easy-

On the 1099-R go to page 2 and look at B4 and B5 and B6

[rugby1]

MAJOR APOLOGIZES, VERY CONFUSED, ONCE AGAIN MAJOR APOLOGIZES, B4 B5 B6 ON THE ACTUALLY 1099-R OR THE INPUT SCREEN ?

[rbynaker]

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@rugby1 wrote:

CAN I EMAIL YOU THE 8606 ?

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No thanks.  Pull up your 8606 and the Form Instructions and learn how the numbers flow through the form.

A quick Googling gave me this result which has an example:

https://davimanfinancial.com/a-3-part-guide-to-the-backdoor-roth-ira/

I'm sure there are other examples you can find.

[rbynaker]

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@walnut123 wrote:

Easy-

On the 1099-R go to page 2 and look at B4 and B5 and B6

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That sounds like a ProSeries answer but this is the ProConnect section of the community.  So I think we either need @George4Tacks or a Lacertian to help with the data entry.

[rugby1]

HOW DO I SEND QUESTION  TO @George4Tacks

[George4Tacks]

For ProConnect

Input the IRA contribution e.g. 7,000

Input the 1099R for the distribution of the excess contribution. Be sure to check the box that it is an IRA 

In this same screen CLICK 8606 See image and pay particular attention to the MINUS ONE in 2nd line

[itonewbie]

@rugby1 Did you follow the instructions in this link to make your input?

https://proconnect.intuit.com/support/en-us/help-article/retirement-tax-credits-deductions/entering-...

If you still have problems, laying out some numbers, explaining what you have entered, and letting us know what the computation shows would be helpful.

[TaxGuyBill]

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@itonewbie wrote:

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It's nice to see you!

[qbteachmt]

Does your taxpayer have any money in any other Trad IRA account, or this Trad IRA account that received the nondeductible contribution has any other non-basis funds? If everything looks right and there is tax, it would be common for Pro Rata tax, because someone didn't understand how backdoor will be computed. It's essentially an immediate conversion, but if there are other Trad IRA account(s), other amounts that were not yet taxed (such as earnings), then this conversion will be taxed pro rata.

Please understand this is an internet discussion forum on the public internet. Do Not be emailing anything to anyone and do not attach or add any image or document that has any identifying info, for your protection from fraudsters.

ALSO, PLEASE STOP USING ALL CAPS because hat is rude and hard for some people to read.