The previous comment addressed your missing 2024 line 14, so I'm just going to tell you not to wait a day for the conversion. You can do it pretty much instantaneously after the contribution at Schwab. In fact, you should make the contribution, do the conversion, and place the investment order all at the same time. Takes about 5 minutes.In January 2025, I contributed $7,000 to a traditional IRA; Schwab asked me what tax year this was for, and I selected tax year 2024 (which I can do, because I made the contribution to the traditional IRA in tax year 2024 -- i.e., prior to April 15, 2025). The $7,000 sat in my traditional IRA account for a day, then I immediately transferred all the cash into a Roth IRA.
I plan to do another $7,000 in March 2025, and I will say this is for tax year 2025. Again, I'll let this contribution sit in my traditional IRA for a day, then transfer this new $7,000 into my Roth IRA.
Statistics: Posted by toddthebod — Fri Feb 28, 2025 10:11 pm