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Get your taxes done using TurboTax
Issue 1:
If you have a retirement plan at work and are over the income limit it will be nondeductible automatically and you only get a warning and you will not get the “Choose Not to Deduct IRA Contributions” screen. At the end of the IRA contribution interview you should see a screen saying $0 is deductible.
Issue 2:
The conversion will happen in 2024, therefore the "Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA" will have to be reported on your 2024 tax return when you get the 2024 Form 1099-R in 2025.
You will have a 2023 Form 8606 with a basis on line 14 which will be entered on your 2024 tax return when you enter the conversion.
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March 31, 2024
7:05 AM