Hello,
i did an IRA to Roth conversion for 50K. The IRA is many years old. i got a 1099R and entered the information in the wages and income section. i did not have fidelity withhold any taxes. i entered that the full 50K was put into a roth. two questions...
1. the program asks for total amount of all IRA accounts from Dec 31, 2024. this has an impact on the final tax number. i don't understand why.
2. do i need to enter anything in deductions and credits....traditional and Roth ira contributions? i already highlighted it as a roth conversion in the wages and income section. if i enter anything on roth, it states, i have a penalty. under ira, it asks about a contribution. since i did not make a contribution, just a withdrawl, its a bit confusing. any help appreciated!!
