This year (2024) I did my first Roth conversion (from a traditional IRA). I am 73 years old. Roth established and initially funded more than 10-years ago.
After taking my RMD and related tax withholding this year, I then converted a portion of T-IRA to Roth; Then paid estimated tax on the conversion.
Will I be subject to a 5-year rule in the event of taking a distribution from this Roth conversion?
Will I be subject to a 5-year rule on EARNINGS from this Roth conversion?
Does this year's Roth conversion need to be reported when filing my federal / state income tax for the 2024 tax year?
Thank you for your help.
After taking my RMD and related tax withholding this year, I then converted a portion of T-IRA to Roth; Then paid estimated tax on the conversion.
Will I be subject to a 5-year rule in the event of taking a distribution from this Roth conversion?
Will I be subject to a 5-year rule on EARNINGS from this Roth conversion?
Does this year's Roth conversion need to be reported when filing my federal / state income tax for the 2024 tax year?
Thank you for your help.