Taxable IRA distribution worksheet line 4

Forum|Forum|1 year ago
April 2, 2025
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This is a question regarding Taxable IRA Distribution workshhet. I converted $6972 (100% of the distribution) from my IRA to Roth in 2024. For line 1, I have $8000 traditional IRA contribution for 2024 that I will contribute in 2025 before April 15. I have line 2, the basis as of 12/31/2023 $33480. Turbotax calculates the total basis in line 3 as the sum of the two, $41480. My question is for line 4: in the interview, it asks the total balance of all traditional IRA as of 12/31/2024. Does that mean I should NOT include the $8000 I will contribute in 2025? It did not say to include the 2025 contribution for 2024 in the tip. Please confirm. Thanks.

Ask the Experts - MetLife VIII - April 2025

MinhT1

If you plan to contribute $8,000 to your Traditional IRA before April 2025 and count them as a 2024 contribution, you must add the $8,000 to your Traditional IRA balance as of 12/31/2024.

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