Agreed with the above. You might find that you can't do the conversion on the same day as the contribution with Fidelity. My experience was that after transferring from my bank to the traditional IRA there was a several day hold. I think I saw mention elsewhere on the forum that if you contribute from settled cash in a Fidelity brokerage account the hold is less or non-existent. Either way, it doesn't really matter. Only the contribution has to happen by 4/15. The conversion can happen anytime.
Do note that the contribution will be recorded on form 8606 (as will the 12/31/23 balance), but the conversion will be recorded on the 2024 8606. This is a good thing as pointed out previously.
Do note that the contribution will be recorded on form 8606 (as will the 12/31/23 balance), but the conversion will be recorded on the 2024 8606. This is a good thing as pointed out previously.
Statistics: Posted by terran — Tue Mar 19, 2024 8:21 pm — Replies 5 — Views 190