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Get your taxes done using TurboTax
danpaul22,
Good for you. I have a different situation. I also had a pension roll-over and a 401k roll-over to IRA. Both were direct rollover, so so no tax implication on 1099 and seems to be represented by TT correctly. And I had a backdoor IRA to Roth conversion. In this case, I have not gone deep into the weeds of the calculation but it did come up with some Tax on that. I assumed that this is so because now in 2020 I had IRA's while previously until 2019 my regular IRA basis was 0 and the Roth conversion did not lead to any tax consequence as I would do the Roth conversion within a day of contributing to the IRA. However, to say that it is because of inherited IRA is just plain wrong and misleading.
March 4, 2021
12:31 PM