Yes, it might be easier to roll the full amount to the Roth IRA and pay the taxes on part of the conversion. Also, you will have the benefit that any gains you earn while the money is in the Roth IRA, you can withdraw tax-free after you are 59 1/2.
No, it doesn't affect the limit. You can still make a $7,000 (if you are under 50) nondeductible contribution to the traditional IRA for 2024 and then convert it to the Roth IRA.
Yes, TurboTax can handle a rollover and backdoor at the same time.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
