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Get your taxes done using TurboTax
No elaborate work around is required to report the rollover from a traditional IRA to a Roth IRA.
Here is the process:
- Select Federal from the left side menu.
- Select Wages & Income.
- Expand the list and scroll down to Retirement Plans and Social Security.
- Expand the section and click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R).
- Follow the steps to import or enter your 1099-R.
- Watch for the screen titled, "Tell us if you moved the money through a rollover or conversion"
- Pick the second answer, "I converted some or all of it to a Roth IRA."
- On the next screen you can indicate a complete or partial rollover.
- Continue through the end of this section.
If you have non-deductible IRA contributions, you also need to enter your IRA basis in the program to get a correct calculation.
- Select Federal from the left side menu.
- Select Deductions and Credits.
- Expand the list and scroll down to Retirement and Investments.
- Expand the section and click Start to the right of Traditional and Roth IRA Contributions.
- Check the type of IRA accounts you have and then answer the questions about contributions.
- Keep going until you complete the section.
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‎February 21, 2023
9:28 AM