How do i figure out my taxable conversions?

To figure out your taxable conversions:

1. Calculate the Conversion Amount: Determine the amount converted from a tax-deferred account to a Roth IRA.
2. Subtract After-Tax Contributions: Subtract any after-tax contributions to avoid double taxation.
3. Add to Income: Add the remaining amount to your income and apply your ordinary tax rate. Be mindful of tax bracket changes.

TurboTax can help you here are the steps to Enter the Conversion from a Traditional IRA to a Roth IRA:

1. Sign in to TurboTax.
2. Go to Wages & Income.
3. On the Your income and expenses screen, locate and select the Retirement Plans and Social Security section, then select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
4. Answer Yes to Did you get a 1099-R in 2024?, then Continue.
   • If you land on the screen Review your 1099-R info select Add another 1099-R.
5. Select how you want to enter your 1099-R and follow the instructions.
6. Answer the questions on the following screens, until you reach Tell us if you moved the money through a rollover or conversion.
7. Select I converted some or all of it to a Roth IRA and Continue.
8. Next, select Yes, all of this money was converted to a Roth IRA.
9. Continue answering questions until you reach the screen Review your 1099-R info.

Here are some useful links:

• TurboTax Backdoor Roth IRA Conversion
• Now Everyone can Convert to a Roth

If you needed something else, reach back out.