I converted $100,000 from my IRA Retirement Account to a newly opened ROTH IRA on 12/28/2020. This is my only ROTH IRA and I have made no other conversions. This money was 80% of my 2020 RMD from my IRA so, of course, I received a 1099-R for my IRA showing a Gross Distribution in Box 1 of $125,000. I have already entered this 1099-R into my TurboTax CD/Download.
I am now trying to follow the instructions for a Back Door Roth IRA Conversion and I completed Step One of the Two-Step Process as outlined by TurboTax. I have Started Step Two and am at #3 where it asks how I want to enter my 1099-R and I have to select Type it in yourself because I have nothing to import but I also do not have a 1099R. It says to follow the instructions but since I do not have a 1099-R for my ROTH, how can I fill in all the Boxes on the 1099-R screen that pops up? All I have is a ROTH IRA ACCOUNT STATEMENT - 2020 ANNUAL STATEMENT from my broker that clearly says CONVERSION on it and $100,000. I also have a tax information statement that reads IRA ACCOUNT FAIR MARKET VALUE FOR THE TAX YEAR 2020 for $100,000. I am stumped at how to fill in the 1099R screen. What do I type in all those Boxes?
Thank you for your help. It was nice of the IRS to give us until May 17th to file but I need to finish by April 15th in order to know how much to send in for my Federal and State 1st Quarterly Estimates. :-C
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