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Retirement tax questions
TurboTax leaves lines 6 through 12 blank when using Worksheet 1-1 from IRS Pub 590-B due to making traditional IRA contributions and Roth conversions in the same year, indicated by asterisks next to lines 13 and 15.
$1 is taxable due to the pro rata calculation that divides the amount converted by the amount converted plus the $1 year-end value. For example, if your contribution and conversion was for $6,500, the nontaxable amount is $6,500 * $6,500 / $6,501 = $6,499.
March 3, 2024
4:12 PM
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