Question
For backdoor roth here are the details ( numbers are appox):
1. 2022 Dec : Fund 6K to Traditional IRA (2022 contribution)
2. 2023 Jan : Convert 6K to Roth (2023 Distribution)
3. April 2024: Fund 6.5K to traditional IRA (2023 contribution)
4. April 2024: Convert 6.5K to Roth (2024 distribution)
5. Jan 2025 : Fund 7K to traditional IRA ( 2024 contribution)
6. Jan 2025 : Fund 7K to traditional IRA ( 2025 contribution)
7. Jan 2025 : Convert 14K to Roth ( 2025 Distribution)
For 2023 Tax return, I could use the 2022 contribution (made in 2022) as a basis to offset the 2023 distribution. For 2024 tax return can I use the 2023 contribution ( made in 2024) as a basis? Turbo tax is showing the basis to be nearly 0 based on the amount existing on Dec 31, 2023 since this contribution was made in 2024 ?
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