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I withdrew $59,406 from my Taxable Account as RMD in 2020. I put $29,406 back and converted $30,000 into a ROTH. How do I report this?
A total of $5,881 was withheld in taxes.
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March 13, 2021
1:21 PM
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Retirement tax questions
Incorrect Answer deleted
**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.**
March 13, 2021
1:42 PM
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Retirement tax questions
Unfortunately this is a situation TurboTax does not support on a single 1099-R.
You must split the 1099-R into two 1099-R's both the same except for the box 1 and 2a amounts and box 4.
On one enter only the amount rolled over in box 1 and 2a. Enter that 1099-R and say you "moved the money" and rolled it all over.
On the 2nd 1099-R enter the amount converted to the Roth in box 1 and 2a and the tax withheld in box 4. Enter that 1099-R and say you "moved the money" then say you did a contamination of things and enter the amount converted (The box 1 - box 4).
**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.**
March 13, 2021
1:52 PM