@DanaB27
Again thanks. It makes sense to delay the conversion to Roth, great I can settle one thing. Additionally, if I cancel/back out of the traditional IRA contribution by 4/15, I still have to report a distribution (in 2023 return), although no penalty for the contribution part, only earnings to be included in income, is that right?
On my wife’s traditional IRA contribution on 4/5/24 and conversion to Roth on 4/8/24, do we have to report the contribution on 2023 Form 8606, if wanting this be counted as 2023 contribution? On the conversion side, do we have to wait for the brokerage’s 1099-R and include that in 2024 return, or could we include that in 2023 return by creating the 2024 1099-R? Much thanks.
