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Retirement tax questions
If you indicated that you converted the entire amount to Roth and you indicated that you have no basis in nondeductible traditional IRA contributions, TurboTax will treat as taxable the entire amount converted. You'll see it included on Form 1040 line 4b. With no basis in nondeductible traditional IRA contributions, TurboTax will only prepare Part II of Form 8606, not Part I.
TurboTax tends to reserve the word 'rollover' to refer to rollovers from traditional to traditional or Roth to Roth even though a Roth conversion is defined in the tax code as a taxable rollover. If you are not seeing the correct taxable amount on Form 1040 line 4b, make sure that you have indicated that this was a Roth conversion rather than a rollover.
March 17, 2022
10:15 AM