You should not skip that step if you want your taxable income to be accurate.
Converting all or a portion of your Traditional IRA to a Roth IRA is essentially a distribution from your Traditional IRA.
If you ever made any non-deductible contributions to that Traditional IRA or any other Traditional IRAs, then the Fair Market Value of all of your Traditional IRA accounts is needed in order to calculate what portion of the distribution is taxable. Skipping that step and not entering the FMV of your Traditional IRAs could result in an overstatement of your taxable income.
@mo4150
@Taxfoul
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