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Get your taxes done using TurboTax
No, you cannot enter $0, you need to enter the value of all your traditional/SEP/SIMPLE IRAs on December 31, 2024. This includes the 401k funds that are now in your traditional IRA. Since you had pre-tax funds from your 401k rollover in your traditional IRA the pro-rata rule applies. This means that with each distribution/ conversion you will have a taxable and nontaxable part.
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‎February 6, 2025
4:20 AM