@Boyan wrote:
@Opus 17 Your reputation precedes you sir; thank you for the compliment but I don't know what I don't know so if there's an official resource on how to do what I'm thinking of doing I would love to check myself by following said guide to truly make sure I know what I'm doing.
Also what's your advice on how the traditional IRA should look like - all liquidated to cash or can it stay invested as it is now and how would partial conversion handle those investments?
I'm not sure what you mean by an official resource. There are some other forum posts and related instructions.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-...
https://ttlc.intuit.com/community/taxes/discussion/how-do-i-enter-a-backdoor-roth-ira-conversion-upd...
The overall concept of a backdoor Roth IRA is probably covered on hundreds of personal finance web sites and published books. I can't endorse any specific book, although the "Lasser's" guides have a good reputation, I think. And you already seem to know the basic rules, so I expect what you really want is to be able to review and understand the calculations when Turbotax makes them. You might head to a bookstore and browse some tax guides to see if any of them have sample tax returns that show how the calculations on form 8606 work.
Of course, you can always download and look over the actual IRS forms and instructions,
https://www.irs.gov/forms-pubs/about-form-8606
And lastly, you could upgrade to Turbotax Live Assist Version if you want your hand held the first year. This gives you a CPA who you can video chat with to answer specific questions and help you understand the documents. There is also Live Full Service version, where the CPA does your return for you, but that may be more than you really need.
