Thank you for your answer. I understand that contributions to a Roth IRA needs to be reported in TurboTax to make sure they are allowable each year based on my income. Is there a limitation on the amount that is allowable in a normal Roth IRA conversion?
In 2024, I didn't make any contributions to a Roth IRA. I only converted $70K from my rollover IRA to my Roth IRA and had withheld the appropriate tax. Did I exceeded the limitation (if such limitation exists)?
Would TurboTax generate a Form 8606 with the taxable portion of the conversion reported of my Roth on my Form 1040?
Lastly, would I still need to keep track of Form 5498 (which I have not received yet) from my brokerage firm that reports the funds received and the value of my Roth IRA at the end of 2024?
