JulieS
Expert Alumni

Get your taxes done using TurboTax

No, you should not expect a corrected 1099-R, because the one you have is correct for the situation that you described. You need to enter it, report the conversion and the traditional IRA contribution. 

 

This is how to enter it in TurboTax:

 

  1. Select Federal from the left side menu.
  2. Select Wages & Income. 
  3. Scroll down to Retirement Plans and Social Security.
  4. Expand the section and click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R). 
  5. Follow the steps to import or enter your 1099-R, or scroll down the bottom and select, Change how I enter my form. 
  6. On the next screen, select Type it in myself, in the lower right corner.
  7. Select 1099-R on the next screen and click Continue.
  8. Enter your 1099-R on the next few screens. 
  9. Continue until you get to Tell us if you moved the money through a rollover or conversion, select I converted some or all of it to a Roth IRA and click Continue.
  10. Pick the first answer to the next question, "Yes, all of this money was converted to a Roth IRA."
  11. Continue through the end of this section.  

 

Next, report your traditional IRA contribution and any basis from prior years:

 

  1. Select Federal from the left side menu.
  2. Select Deductions & Credits. 
  3. Expand the list and scroll down to Retirement and Investments.
  4. Expand the section and click Start to the right of Traditional and Roth IRA Contributions. 
  5. Check both types of IRA accounts and then answer the question Yes, to Did you Contribute To a Traditional IRA?
  6. Enter the $2000 as a traditional IRA contribution and then answer the remaining questions in the section. 
     

A Roth conversion is normally taxable, but you should either be able to deduct the traditional IRA contribution, or exclude part of the conversion because the contribution was not deductible. TurboTax will create a Form 8606 in your return. 

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