DanaB27
Expert Alumni

Retirement tax questions

Yes, if you had gains in your traditional IRA before conversion then these would be taxable. TurboTax can tell this because the amount converted shown on Form 1099-R would be more than the basis (nondeductible contribution).

 

It might be that TurboTax used the Taxable IRA Distribution Worksheet to calculate the nontaxable amount. Then lines 6-12 are be empty and a * is next to line 13. You should have an entry on line 6 on the Taxable IRA Distribution Worksheet for the amount converted. If not, then please verify your entries in the retirement section. Make sure you selected that you converted the funds in the follow-up questions.

 

@JerseyBird68

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