SEP IRA conversion, with concurrent Roth IRA contribution

[Jun]

I have both a W-2 job and a 1099 side job. I am trying to figure out how to do things properly on turbo tax.

i contribute to the Roth IRA (5500) and 1700 to the SEP IRA. Prior to December 31, I converted the entire balance of the sep IRA to my Roth IRA before any interest was gain. From what I read, this is allowed. But I can’t seem to find where i report that on TurboTax.

[PaulaM]

Yes, you can convert a SEP IRA to a Roth IRA, but taxes will be owed on the converted amount in the year that the conversion took place. You should receive a 1099-R for the converted SEP IRA. Enter the form under the Retirement section in TurboTax. Type 1099-r in the search/find box of your return then select the 'jump to' link to be taken to the section.

For the Roth IRA contribution, no entry is required as there is no tax deduction. However, you can enter it for basis tracking if you wish under the Deductions & Credit section.