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Retirement tax questions
If the 1099-R shows the total of both transactions then TurboTax cannot handle two different destinations on a single 1099-R. You will need to split the 1099-R into two.
Allocate the amounts so that one is just the amount rolled back to the IRA and the second the amount converted to a Roth so that the totals add up to the original 1099-R.
Check the 1040 line 4a and 4b for the amount of the total on 4a and the Roth conversion amount on 4b with the word ROLLOVER next to it.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
ā€ˇFebruary 2, 2021
9:26 AM