Nathan – You are going about doing it wrong…
Open up your photoshop document that you want to put into indesign. Save it as a tiff with layers, highest quality possible. Note the location of the file and then go in indesign, hit command D (place) and drag out a field for it to rest. That preserves any transparency, and then if you want to edit the original photoshop document, right click on it from indesign, hit “Edit original” and it will pop right up in photoshop. Then save, and it updates indesign automatically.
Hope this helps
Good Day