- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Look at the form. As I said, it's actually a fairly simple addition and subtraction problem. Part 1 (Part I) is the front page that calculates your IRA basis. Right on line 8 it says "Enter the net amount you converted from traditional, traditional SEP, and traditional SIMPLE IRAs to Roth, Roth SEP, or Roth SIMPLE IRAs in 2023. Also, enter this amount on line 16". At the end of part 1, line 14 calculates your new basis and line 15 calculates the taxable amount of the conversion due to basis. Line 16 is on the second page in part 2 (part II). You list again the amount from line 8 (the conversion), then you list again the amount from line 11 (the non-taxable part of the conversion) on line 17, and then line 18 calculates any additional taxable amount (should be zero in your case).
If line 16 is blank, that means you did not report the conversion correctly on your 2022 return. Same conclusion we can draw if line 8 is blank. Means the same thing.