Retired and heard of the pro-rata rule recently. I have $10,000 that I contributed post-tax in my IRA. I did a $20,000 ROTH conversion in 2024 and my December 31st traditional IRA balance was $500,000. I understand that a small amount of the conversion money is not taxed (about $400). It was easy to enter the 1099R in TT but how do I set-up TT to do the pro-rata tracking?
Side question...to confirm, I pretty much have to track this for the rest of my life as I begin even normal distributions?
Thank you in advance.
