I need help in navigating through Turbo Tax for the following: I'm retired and have no job therefore no W2. In my 2023 1099-R indicated my total distribution of $24426, $732 fed tax and $244 in state. I assume that the $3000 I had the trustee transfer to a Roth is part of the $24426 which at the time I also had the taxes taken out. I also assume I can perform conversions like the above going forward being careful not to take me into a higher bracket. In Turbo tax when entering the 1099-R I select No if I inherited the Rollover from the Trustee(a brokerage house). I then answered the next question "What did I do with the money from the Trustee. Answered, I moved the money to another retirement account. I did a combination of rolling over, converting or cashing out. And indicated amount converted to A Roth IRA, which was the $3000. There is a noted at the bottom of the page indicating that "We'll assume that everything that wasn't rolled over, converted was cashed out or wound up somewhere other than a retirement account" which is true. Following page: I did not put the money in an HSA. >I did not use this for disaster distribution.>Shows the gross distribution in Box 1.>No to "Did you take any disaster distribution in prior years..">No to "Any non-deductible contributions to my Traditional IRA."> Here is where I get confused and need guidance, "Tell us the value of you Traditional IRA" and goes on to ask "Enter the total value of the traditional IRA" and below that "Enter any outstanding 2023 rollovers and recharacterizations that were not completed in 2024." Below that it asks the "Value of the Traditional IRA on Dec 31 2023." To which I entered the full value of my existing Traditional IRA. Below that I entered $0.00 for Outstanding Rollovers, and $0.00 for Recharacterizations.
This all seems wrong to me and cumbersome. What am I doing wrong? Or am I doing things correctly, and if I am doing things correctly, what do I enter for Outstanding Rollovers and Recharacterizations?
