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Retirement tax questions
Either way you want. You will get a 1099R for it and still enter the full amount converted as income. Then all your withholding (W2 and 1099R) is subtracted from the tax due. If you don't have withholding taken out you may owe a penalty on your tax return for not paying in enough during the year. Are you converting 1,700 or 17,000? It will increase your AGI and may push you into a higher tax bracket. So be careful.
‎August 19, 2020
3:36 PM