Can you tell me how to fix form 1040 line 15a and 15b? 15a contains the correct amount while 15b has a much smaller amount.

I received form 1099-R with box 1 and 2a containing equal amounts. Box 2b was checked. I converted part of a Rollover IRA to a Roth IRA. I expected to be charged a significant amount of tax but the taxable amount on line 15b is way too small.

dmertz
Level 15

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What is the code in box 7 of the Form 1099-R provided by the payer?
Is the IRA/SEP/SIMPLE box marked?

Make sure that you have marked the IRA/SEP/SIMPLE box on TurboTax's 1099-R form to match the marking of the box on the Form 1099-R provided by the payer; for a distribution from a rollover IRA the box would be expected to be marked.  Next, make sure that you have clicked the Continue button on the Your 1099-R Entries page and have answered the follow-up questions, including verifying your basis in nondeductible traditional IRA contributions and entering the year-end value of your traditional IRAs (including SEP, SIMLPLE and rollover IRAs you still had at year end).

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Thanks for responding. I still have not found a solution.  box 7 = 7 ; IRA/SEP/SIMPLE=X The 1099-R was imported directly from Fidelity.  I did click the Continue button and answer questions.

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Sometimes imported forms have weird things that occur....can you delete that imported form and enter it manually?
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dmertz
Level 15

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If this Form 1099-R has been downloaded or entered correctly, the only way that TurboTax would be reporting less of this as taxable than the entire box 1 amount would be if you have basis in nondeductible traditional IRA contributions and TurboTax was preparing Form 8606 Part I to determine the nontaxable amount of the conversion (or if some amount was transferred to charity or to an HSA, but those would be indicated with notations QCD or HSA on line 15b).  The calculation on Form 8606 depends on having entered correct amounts used in preparing the form.

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Thanks for your help. I determined that I entered the total IRA basis incorrectly which caused line 15b to report the wrong number. I did not understand what the prompt was asking me. I had a tough time finding out where to enter the correct number. It looks ok now.
dmertz
Level 15

Get your taxes done using TurboTax

Answered in the comments.

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