Yes, you can convert the funds in 2025 and will report the conversion next year on your 2025 tax return. But you will enter the nondeductible traditional IRA contributions on your 2024 return and TurboTax will create Form 8606 with the basis on line 14. This basis will be carried over to your 2025 return.
No, you do not have to make the conversion in the same year as the contribution. It is fine that you made the contribution for 2024 and convert the funds in 2025.
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