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After doing the Roth conversion, you can't roll the 401(k) over to a traditional IRA in the same year as the Roth conversion without causing most of the Roth conversion to be taxable and most of your basis in nondeductible traditional IRA contributions to remain in your traditional IRAs to be applied to future distributions. The relative timing of the transactions does not matter. For the calculation of the taxable amount, all of these transactions are treated as if they occurred on December 31. You'll need to do the Roth conversion in one calendar year and make the distribution from the 401(k) for the rollover to a traditional IRA in a later calendar year.
After doing the Roth conversion, you can't roll the 401(k) over to a traditional IRA in the same year as the Roth conversion without causing most of the Roth conversion to be taxable and most of your basis in nondeductible traditional IRA contributions to remain in your traditional IRAs to be applied to future distributions. The relative timing of the transactions does not matter. For the calculation of the taxable amount, all of these transactions are treated as if they occurred on December 31. You'll need to do the Roth conversion in one calendar year and make the distribution from the 401(k) for the rollover to a traditional IRA in a later calendar year.
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Because conversions can't be retroactive (like contributions sometimes can) you will need to do the conversion in 2024 and wait until after 1/1/25 to rollover the 401k to an IRA. You need to end 2024 with a zero balance in traditional IRAs for this to work the way you want it to.
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