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Get your taxes done using TurboTax
There is not a limit when it comes to conversions to a Roth IRA, so you can convert the amount to the Roth if you wish. It will be reported on the Form 1099-R for 2024 and will be taxable on the 2024 return because it was earnings in the account.
The limitation with Roth or Traditional IRAs is for contributions, not conversions.
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‎April 23, 2024
8:07 AM