How to calculate how much Trad IRA to convert to Roth in 2024 since Turbo Tax (2024) is not complete

[Greg RZB]

Today is 11/28/24. I am retired, and I want to do a Traditional-to-Roth conversion between now and 12/30/24. As I understand it, if the Roth conversion is to be reported in my 2024 income tax return, I have to do the conversion by NLT 12/30/24. This will be the first time I do a Roth conversion, and I plan to repeat this process until most or all of my Trad IRA is converted to Roth.
For now, I want to convert to Roth as much as I can without crossing over to the 24% tax bracket.

...If the deadline for Roth conversions for Year 2024 were to be April 15 2025, I would simply do my 2024 income tax return after the software is complete, and I would experiment with the Trad IRA amount to convert until I max out the 24% bracket. After I'd know the max amount, I'd then do the actual Roth conversion, and I would not be posting this question. BUT, since the Roth conversion has to be done before 2024 Turbo Tax is complete, here are my questions:

1. Seeing how Turbo Tax for 2024 will not be available (complete) until after Jan 2025, how can I figure out what amount to convert? I have an idea of the amount, but that's all it is. I want to be more precise with the amount to convert vs proceeding with just an idea, because I want to maximize my conversion amount by reaching the limit of the 24%, but not cross into the 32% bracket. Jumping Medicare premium tier is not a concern.

2. I usually use the Turbo Tax Premier for reporting rental income. Can I report Roth conversions using Premier or do I need to get a different version.

Thanks in advance.

[oldnotdead]

My sources of income do not change significantly from year to year.  Of course, the values do, so I keep track of 2024 vs 2023 to see how my AGI is likely to change. The mutual funds that make capital gains distributions in December are the biggest uncertainty. I do not try to be perfectionist about filling the 24% bracket. A little undershoot or overshoot is not terribly significant.

[Greg RZB]

In my case, employer pension is fixed, except for the ocassional minor inflation adjustments.  What makes my 2024 income different from 2023's is rental income/expenses due to a vacancy + above average repairs with legal expenses. 

Because I'd like to Roth-convert portions of my Traditional Rollover IRA over the next 10+ years, the moving target (rental income/expenses) will make it difficult for me estimating how much I should convert each year. For 2024, for example, the Standard Deduction changed from 2023's, the tax tables are not the same as 2023's, etc.  In summary, rental income/expenses make my income tax returns different every year. This is why I think I need to know what my tax return will look like w/o a Roth conversion, so I can then (by iteration) decide what amount to Roth-convert.

I am currently doing a mock-up income tax return using Turbo Tax for 2023 and entering my values for 2024, and I am not sure this is even a good use of my time.....

If the IRS allows a working citizen to make pre-tax IRA contributions for 2023 as late as 4/15/25, why couldn't we also do Roth conversions for 2024 as late as 4/15/24?  I understand, this is not allowed, so why can't the tax software be ready for use before at the very least a week before the tax year ends?

[Greg RZB]

Sorry, I meant to write:  "...why couldn't we also do Roth conversions for 2024 as late as 4/15/25?"

[fanfare]

"I do not try to be perfectionist about filling the 24% bracket."

If your estimate is  ball-park but too high, only the overage is taxed above 24%.

@oldnotdead