Hello , I have invested $7000 in my wife's traditional IRA in 2024. But I found out that due to income limit my investment in traditional IRA is not tax deductible. My wife doesn't have retirement plan from her work but I do.
Since that $7000 is not deductible investment done in 2024, can I convert it to Roth IRA as a backdoor Roth conversion before April 15 , 2025 ? I have $6990 uninvested cash in my account from those $7000. Is it okay is i only convert $6990 to Roth IRA before 15 April 2025?
If I can, what should I enter in 2024's tax return? I will get 1099-R next year for this conversion. What should I do for my 2025 tax return to not pay tax again on that $7000.
I have not filed my 2024 tax, yet and waiting to get this answer from turbotax. I reached out few live agent but didn't got clear answer.
Please let me know.
