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Retirement tax questions
Do not enter the conversion as a Roth IRA contribution under Deductions & Credits. You will only enter the 1099-R and indicate in the follow-up questions that this was a conversion. Please go through the follow-up questions carefully.
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
- Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contribution to your IRA?"
- Answer the questions about the basis and value
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April 17, 2021
1:15 PM