You can make IRA contributions as late as April 15 the next year. However Roth conversions must be reported in the same year.
https://www.hrblock.com/tax-center/income/retirement-income/traditional-to-roth-ira-conversion
That makes no sense to me. In Jan-Apr 2024 I can add to my IRA for 2023, but I'll be paying taxes on Roth conversions in 2025.
So how do you game the tax brackets (converting IRA to Roth to get to the top of your current bracket) if you don't know what your income will be ?? It's almost 2 months into 2024 and I still don't know what my AGI will be. Once I get all my 1099's &etc I could approximate it, but I won't know for sure until my CPA signs off on my return. There's basically no way to do it in 2023 unless you keep inhumanly accurate records.
https://www.hrblock.com/tax-center/income/retirement-income/traditional-to-roth-ira-conversion
That makes no sense to me. In Jan-Apr 2024 I can add to my IRA for 2023, but I'll be paying taxes on Roth conversions in 2025.
So how do you game the tax brackets (converting IRA to Roth to get to the top of your current bracket) if you don't know what your income will be ?? It's almost 2 months into 2024 and I still don't know what my AGI will be. Once I get all my 1099's &etc I could approximate it, but I won't know for sure until my CPA signs off on my return. There's basically no way to do it in 2023 unless you keep inhumanly accurate records.