Actually, the pro rata rule would apply because the $400 of earnings is pre-tax money. If you did not convert the full amount of the IRA before the end of the y...
No, there is no limit on conversion from a Traditional IRA to a Roth IRA.
If the value of the Traditional IRA drops below your basis, then the amount converted...
Going in to 2024, you had a basis of $12,000 in your Traditional IRA, along with $400 of earnings. You have since added $7,000 to the basis and already converte...
I also took a closer look at your token file to see if there is something that needs to be addressed by TurboTax. I did not find the discrepancy in the calculat...
As an independent contractor, you are not considered an employee. This means that your income and expenses are reported on Schedule C Business Income and Expens...