DanaB27
Expert Alumni

Retirement tax questions

For example, if you had a $20,000 conversion for 2016 and prior years and a $5,000 distribution in 2019, and another $5,000 distribution in 2020 (no direct contributions and no prior distributions to 2017) then you will enter $10,000 as a net conversion for 2016 and prior years. The 2021 distribution will be calculated on your 2021 tax return.

 

But if you had only $6,000 conversion for 2016 and prior and then another conversion in 2017 you would enter $0 as a net conversion for 2016 and prior years. And the rest of the 2020 distribution would be allocated as withdrawn from the 2017 conversion.

 

@Gleam55

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