1) You will report the conversion in the year the conversion happened. For example, if you convert the amount in 2021 you will get a 2021 1099-R in 2022 and report it on your 2021 tax return like this:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
- Answer the questions about the basis and value
2) Yes, there is no limit on the number of conversions per year.
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