Hello,
I converted a traditional IRA to a Roth IRA. In the process of the conversion, I opted for a tax withholding of $4500, which generated a 1099R in addition to another 1099R for the conversion. That withholding is considered an early distribution. How do I correctly enter this withholding in Turbo Tax Premier? The software asked me 2 questions:
1. What did you do with the money from the brokerage? I checked "I did something else with it". The $4500 was withheld to pay for the taxes due to the conversion.
2. Did you use your IRA to pay for any of these expenses? I checked "Another reason."
Did I answer the questions correctly?
Thank you.
