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Retirement tax questions
I'm just discovering backdoor Roth conversions. So, I'm facing many years (~20 yrs +/-) of non-deductible IRA contributions (~$50,000 cost basis) that I'd like to convert to my Roth IRA and leave the earnings behind in the Trad. IRA. Can this be done in one fell swoop? Am I inviting an audit? Would TurboTax have all my old Form 8606's in my account history that I can retrieve? I've been using TT to do my taxes all that time, but only thought I needed to save my last 5-6 returns. Thanks!
‎April 10, 2025
2:07 PM