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.
