Thank you for your help. I really appreciate it.
If I understand correctly, under Deductions&Credits / Retirement and Investments, when I put in the details of the IRA contribution, when Turbo Tax asks <Tell Us How Much You Contributed>, I should put in $8000 for the total traditional IRA contributions in 2024, not $8004.63, right?
And then, if I put in $0 for the value of traditional IRAs on 31 Dec 2024, by doing that, the Form 8606 should end up determining that I did an 8004.63 conversion on a cost basis of 8000 and the 4.63 is taxable, and feed that into Form 1040 line 4 automatically.
I was wondering where I need to enter the $4.63 on Turbo Tax, but I don't need to. It will be calculated automatically, did I understand correctly?
