I have a rollover IRA account and made a Roth conversion in December 2024. I had received a 1099-R that showed the distribution and taxable amount. Because I’m over 59.5, there is a code 7 in box 7. Is this considered a backdoor Roth IRA conversion?
I found some notes in the TurboTax community and it indicates to perform 2 steps to enter a backdoor Roth IRA conversion. The first step is to enter the Non-Deductible Contribution to a Tradition IRA. Do I still need to perform this step even though I didn’t make any contributions to my rollover IRA account? However, because I had retired in April 2024 and made contributions to my TSP account (Government’s 401K) from January through March of 2024, does my contribution to TSP counts as a contribution to a traditional IRA? In one of the steps, I need to answer “Did you contributed to a traditional IRA?”
I’m trying to figure how to enter the amount of the Roth conversion so that TurboTax can keep track of my Roth IRA basis. Or is my Roth basis no longer relevant since I am over 59.5 and had held my Roth IRA more than 5 year? If so, then does this mean I don’t really to report Roth conversions from now on?
