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Retirement tax questions
I think TT has done a terrible job with the questionnaire. For my case of a Roth conversion, I think the proper answers should be:
taxable pension or IRA: 0
taxable Roth IRA or conversion: distribution - non-deductible contribution
The forms make these entries clear. Checking “Pen Exc Wks” and”Schedule RS” after using these values shows exactly what I would expect. For a Roth conversion, I do not have a taxable distribution. I do have a partially taxable Roth conversion.
TT should have done this for me based on the 1099R and the basis calculation that was performed for my federal return.
February 25, 2024
6:56 AM