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Retirement tax questions
I think I see the issue. Even though a Roth conversion is treated in the tax code as a taxable rollover, in TurboTax you must explicitly report it as a Roth conversion and not as a rollover. If TurboTax does not provide the selection to indicate that you converted the entire amount to Roth (some versions do not), indicate that you did a combination of rolling over, converting and cashing out, then indicate the amount that was converted to Roth. This distinction is necessary because nothing on a Form 1099-R for a distribution from a traditional IRA indicates what you did with the money.
March 2, 2021
7:04 PM