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Converting to Traditional IRA to Roth IRA
Hello,
I have $1500 non deductible contributions made in 2019 (have FORM 8606). The account is now $2500. It was an oversight on my part to open the Traditional IRA when I was qualified for the Roth IRA. Anyways I want to consolidate this small account. The account is at TIA-CREF. I also have a Roth IRA there. I want to convert and move it the Roth IRA. Is that doable?
Also if I do the conversion as of this month, the tax on the earning will be paid next year when I do the tax filing and also use FORM 8606? Is that simple to do using Turbo Tax software? I have been using Turbo Tax for over a decade.
Thanks,
TT
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‎October 24, 2024
9:35 AM