Roth Conversion reported as withdrawal

Forum|Forum|3 years ago
March 19, 2023
2 replies
11 views

I have filed my 2022 taxes a week ago, and just realized today that I mistakenly reported one of our Roth conversions as a withdrawal. when should I file the 1040-X?

Not A Product Question

fanfare

Level 15

are you under 59 1/2 of age and paid a penalty?

that's pretty hard to miss.

other wise your tax will be the same either way.

@JZell

DanaB27

Level 15

Please wait until your refund or payment is processed. Please see How to amend a tax return for instructions.

To enter the 1099-R conversion:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
On the "Review your 1099-R info" screen click "Continue"
Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
Answer the questions about the basis from line 14 of your 2021 Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs