My son (27) lost his job last year and upon separation had to close out his employer's 401K. We converted his small 401K fund into a traditional IRA Rollover. He would like to now convert that to a Roth IRA and also make additional contributions for 2020 even though he is still unemployed.
Can he still convert the Traditional IRA Rollover to a Roth and have it effective for 2020 tax reporting as long as he completes the conversion before May 17, 2021? His broker says that the conversion date will not be applicable to 2020 even if we complete it before the tax deadline.
We just created an unfunded Roth account at his brokerage in anticipation of accepting the converted funds. Should my son make any new/additional contributions to the newly created Roth as a delayed 2020 contribution or add to the Rollover IRA before converting the combined total all at once to the Roth?
I have TurboTax Home and Business (Desktop). How do I report this in TT?
