Hello tax experts, i'd appreciate it if anyone can help me with my backdoor roth ira question
I made a contribution (13k) in Vanguard to a traditional IRA in Feb 2024 of which I intended/ classified 6000 ish to 2023 and 7000 to 2024. It has been reported as taxable distribution in 1099-R.
1. Is this expected. What do I have to do next?
2. I think the 7000 ended up being 7014 with interest in one day and I may have went beyond the max when I converted to roth ira. How should I approach the $14 ?

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This doesn’t make sense. Contributions aren’t reported on 1099 forms. Only distributions and conversions.

Did you mean to say you contributed to a traditional IRA and then converted it to roth at a point in the future?

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Yes this is expected you’ll report 14 as taxable income and the rest as after tax in the rollover. This is assuming you have no other pretax dollars in an ira ANYWHERE else. The is no such thing as a max $ for conversions.

So as long as I also got a 5498, there should not be any issue.. correct?

Fill out Form 8606 with your 1040

If you did a Roth conversion from a traditional to a Roth, you will get a 1099R showing the conversion. It shows as taxable. However, your 5498 will show the contribution as a Roth conversion.

If your 6000 was meant for 2023 and not treated corrected on your 2023 5498, you need a corrected tax form. It had to have been made by 4/15 and the custodian had to code it correctly to register as a designated contribution for accurate reporting. Many time lump payments ($13000) cannot be differentiated by the custodian, thus triggering an over contribution and taxable income for the tax year. Typically you’d receive 2 1099Rs in this situation, one for the taxable income earned on the over contribution and one for the over contribution. Pay attention to your distribution code on your form. Under 59 1/2, a Roth conversion is a 2 because the exemption is met. If it’s a 1, then there is a custodian error or the request form wasn’t accurate.

Yes. All contributions regardless of IRA type are reported on 5498. Typically they are issued after 4/15.

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