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Retirement tax questions
It seems you only entered $5,000 as converted therefore TurboTax assumes that $200 were cash withdraws. Did you have $200 taxes withheld in box 4? If you didn't replace the $200 withheld taxes with other funds then you converted only $5,000.
Please review your entries:
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
- On the "Did you convert the gross amount of $xxxx (Box 1) to a Roth IRA?" screen review your selection.
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March 13, 2023
5:16 AM