I have one IRA account with a portion of it containing Non-deductible contributions that I converted 50% of its assets to a Roth account. I also own IRAs/rollovers with other investment firms. Do I report the value of the IRA account I am converting on line 6, or do I report the value of all of my IRA/rollover 401K accounts?
You will need to report the value of all of your IRA accounts.
The distribution from the Traditional IRA which was converted to a Roth IRA will be subject to the pro rata rule. This means that a portion of the distribution will be considered to be from pre-tax funds and a portion will be considered to be from after-tax funds. Therefore, the conversion to the Roth IRA is not a tax-free event.
Thank you for your quick reply 🙂
So since I am filing a joint return, then do I need to dig up the current value as of 12/31/2024 of all of my IRA accounts as well as my spouses and report that on line 6?
You tally up the value of the IRAs of which you are the owner,. That leaves out your spouse's IRA and any inherited IRAs