Reply to Did it drive you crazy to report a backdoor Roth IRA using Turbotax?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Except that it's not a taxable event, like I said.

You pay zero taxes for conversion, as it is with post tax dollars.[/quote]

Actually a Roth conversion is a taxable event, although whether you actually owe taxes will depend on your specific facts.  I do a Roth conversion every year and some years I owe tax and some years I don't.[/quote]

Wrong.

If I put 5k into a traditional, and convert it inmediatwly, it isn't taxable.

You need a new accountant/financial advisor.[/quote]

It is taxable if:

1) You have other traditional IRA accounts that you are not converting (you should check this before you starting doing backdoor Roth IRAs; pro rata rule as a PP mentioned)
2) There are any earnings in the account from the time when you contribute to traditional and when you convert. Typically any earnings would be minimal anyway so this one is less of a concern. And you can avoid this by putting tIRA in money market account. [/quote]

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