Hi Turbo Team,
I'd appreciate answers to the following Qs:
1. What is the maximum $amount that can be converted over to a Roth IRA in one year (w/o regards to taxes).
2. Is there any difference between converting $ from a Traditional 401K or a Roth IRA?
3. Is the rolled over amount considered income for that year or just need to pay taxes but it is not considered income since it was rolled into Roth IRA? For example, our 2024 income of <$200K qualifies my spouse and I for Roth IRA Contributions of $8K each. Will making a $100K backdoor conversion in 2024 disqualify us from making Roth IRA contributions?
