IRA to Roth Conversion with Non-deductible contributions of one account verses other IRAs with no Non-deductible contributions

Forum|Forum|1 year ago
February 15, 2025
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I have one IRA account with a portion of it containing Non-deductible contributions that I converted 50% of its assets to a Roth account. I also own IRAs/rollovers with other investment firms. Do I report the value of the IRA account I am converting on line 6, or do I report the value of all of my IRA/rollover 401K accounts?

AnnetteB6

You will need to report the value of all of your IRA accounts.

The distribution from the Traditional IRA which was converted to a Roth IRA will be subject to the pro rata rule. This means that a portion of the distribution will be considered to be from pre-tax funds and a portion will be considered to be from after-tax funds. Therefore, the conversion to the Roth IRA is not a tax-free event.

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eagerrAuthor

Thank you for your quick reply 🙂

So since I am filing a joint return, then do I need to dig up the current value as of 12/31/2024 of all of my IRA accounts as well as my spouses and report that on line 6?