@DanaB27
Thank you!
So essentially the best option would be for her to do a reverse rollover if allowed and converting the basis. The only tax burden would be paying taxes on the $4856 basis if converted to Roth, and just reporting on this years return the rollover correct? I wouldn’t pay any taxes on rolling over. I could roll her 401k back to her tIRA in 2024?
If she did decide to convert her whole amount in her tIRA, what would the taxes be if her basis is $4856 and her total value is let’s say $16000?
If she ever gets a different job without a 401k, has her old 401k, has this tIRA with basis still, what is the best option for her to contribute to retirement? She can contribute to the tIRA but elect it as deductible correct?
She also might not be able to convert directly to a roth depending on our combined income?
thanks @DanaB27
