I opened and funded a traditional IRA with Schwab in 2024 Tax Year, and intentionally did not claim deductions as I wanted to convert it to Roth IRA.

[manojmenon123]

When I move the funds (positions) from Trad IRA to Roth, I intend to allow any tax deductions as I did not take deductions in the first place. Am I in the right path?

[Opus 17]

There's never a tax deduction in this case.  If you make only non-deductible contributions to a traditional IRA (and you have no other traditional IRA accounts at other institutions), then you can convert the traditional IRA to a Roth IRA.  You do not pay tax on the contributions (since you already paid tax on them) but you do pay tax on any income (growth) in the account.  For that reason, most people do the two steps pretty close to each other, to minimize the amount of taxable growth in the traditional IRA. 

[AnnetteB6]

Yes, you are on the right path for using the backdoor method to contribute to a Roth IRA through converting non-deductible contributions made to a Traditional IRA.  

Be sure that you report the non-deductible Traditional IRA contribution as part of your 2024 tax return so that the basis (non-deductible contribution) is captured on Form 8606.  This will help you next year when you report the conversion to the Roth IRA.  

@manojmenon123