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Retirement tax questions
No, there is not a yearly or other limit on the amount of traditional IRA contributions you can convert to a Roth IRA, so you did not exceed any limits. TurboTax will generate a Form 8606 reporting the taxable amount of the contribution in 2024. You should keep the Form 5498 in your tax records as support for the entries on your tax return, you may need it in the case of an audit.
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‎February 10, 2025
1:08 PM