Hello again, The fidelity agent moved the security without selling and it was quick while I was in the phone with them(traditional to Roth).To avoid taxes and confusion I spoke with fidelity agent again and I opened another traditional IRA which has zero balance so I ask them to previously converted 6500 in April 11th 2024(contribution made in traditional ira in April 2023) contribution to back in newly opened traditional IRA so I can keep separate deductible and non deductible.I don't know how to manage in turbotax going forward.
1. You made a non-deductible IRA contribution in April 2023 that was for tax year 2023?
Yes.
2. When did you do the Roth conversion? (2023 or 2024?). If the conversion was in 2023, you should already
have the 1099-R. If the conversion was in 2024, you will get the 1099-R later.
I made conversion in April 11 2024.
3. If the non-deductible contribution was in 2023, you should have a form 8606 with your 2023 tax return. What are the values on:
line 1 (nondeductible contributions for 2023)
$6500
line 2 (prior nondeductible basis)
zero
line 9 (total conversions and withdrawals)
zero
line 14 (your new non-deductible basis as of 12/31/2023).
650
what is your approximate total balance in all traditional IRA accounts today?
$32845 (this amount is total deductible IRA contribution) for year of 2020,2021 and 2022. I never managed this amount in turbotax software.i was just doing contribution as I was eligible but I was never entering data for previous years.
Thank you
