Ok everyone I've run into a problem. When it asks, "What Did you do with the money from Bank?"
On the bottom it says "Tell Us how much of the Box 1 and 2a $1000 did I move to IRA, 401k, or other retirement account"
I have 2 options: Amount rolled over to another retirement account AND/OR Amount Converted to Roth IRA Account. Which blank am I supposed to fill in with $1000? When I put $1000 in both boxes it says "OOPS! The amount you moved to another account must total no more than the money I got, or $1000.
I did a ROTH conversion, and when I input the $1000 into the blank box "Amount converted to a Roth IRA account" and leave the other box blank I have to pay taxes on it. However when I put $1000 into "Amount rolled over to another retirement account" and leave the bottom box blank (roth conversion) I do not have to pay taxes. Sorry for the confusion, but which am I supposed to do?
I did not take any distributions out. Just converted traditional to roth IRA. Thank you!
