I converted my traditional IRA to a Roth IRA in 2022. I was sent a 1099-R, in which the gross distribution was $24k (box 1) and the taxable amount was $0.00 (box 2a). The distribution code is G (box 7). I entered the information into Turbo Tax, which raised my total income BUT it does not seem to be adding any of the taxes that should have come out with the conversion. I am under 59 1/2, and I did not receive an actual check to convert the money, it was done by my financial advisor and his company. Also, the additional income has not changed my tax bracket.
I feel like I should owe taxes on this conversion, but I also saw online in these forums that if the box 7 is G, then it is a non-taxable event. Turbo Tax asked me three times if this was a conversion from a 401k to a Roth IRA, which it was a conversion from a Traditional IRA to a Roth IRA, so I'm not sure if that is considered the same thing or not.
Could anyone assist on this? I really don't want to be in a situation where I don't pay my taxes and I should have.
