So it looks like they took 10% withholding out of both IRA accounts? Any state withholding? So the first IRA was actually $44,800 - 4,800 = 40,000 to the ROTH? Yes the full 44,800 is the taxable amount. And the 10% withholding probably won't be enough to cover the increased tax on your total income. Did you tell them to convert 40,000 or 44,800? They might have calculated up to the 44,800 to cover the 10% withholding to give you 40,000 for the ROTH.
