Hello everyone, I need your help on how to properly file my tax this year because I think I screw up my traditional and Roth IRA last year. I contributed to my traditional IRA in 2023 and then have Fidelity converted it to Roth IRA for 2024. I recently received a 1099-R form for tax year 2024 from Fidelity for the distribution out of the traditional IRA and I don’t know how to deal with that form.
Timeline:
Traditional IRA:
09/05/2023 - opened the traditional IRA account and contributed $6500 to it
04/16/2024 - $5718.59 converted to Roth IRA, from all available cash in the account
04/16/2024 - $1041.06 converted to Roth IRA, after it sold some stock in the account on that date
05/01/2024 - $13.56 converted to Roth IRA, from dividend received from FDRXX fidelity cash reserve and the traditional IRA’s balance has been $0 since then…
Roth IRA:
02/22/2024 - cash contribution current year $7000 (for 2024)
04/16/2024 - $5718.59 converted from traditional IRA
04/16/2024 - $1041.06 converted from traditional IRA 05/01/2024 - $13.56 converted from traditional IRA
02/10/2025 - cash contribution current year $7000 (for 2025)
Can anyone explain to me how I exactly screwed up it? What should I do for filing my 2024 tax return? I will be using TurboTax to e-file my tax and can turbo tax handle this? I appreciate your help.
