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Get your taxes done using TurboTax
1. The federal and state will tax any gain made while in the traditional IRA. For your state box, it could be zero or some other number. Whatever is the actual gain is the taxable amount for state income.
2. Yes, moved to retirement account
3. If you moved part of the money and kept part, then that is what you did. Entering the amount you converted is correct.
4. Yes, it sounds like you did a great job covering the form. It should have asked about the basis or known from your 8606. Just double check that the basis is accounted for so you are not being taxed on the same income again. You should have been filing form 8606 each year with the basis in the traditional IRA accounted for there.
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‎January 21, 2025
2:40 PM