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Retirement tax questions
I may be beating a dead horse. So TT's question of "Amount converted to a Roth IRA account" is the amount withdrawn from the Traditional IRA account less the withheld taxes?
Then is TT's question above that "Amount rolled over to another (or back to the same) retirement account" the amount that remains in the Traditional IRA after the Roth IRA conversion amount + withheld taxes?
Example:
Traditional IRA $1,000,000
Withdrawn amount including withheld taxes. $200,000
Withheld Taxes @ 25% $ 50,000
Converted Roth IRA Amount $150,000
TT's Questions:
"Amount rolled over to another (or back to the same) retirement account" $800,000
"Amount converted to a Roth IRA account" $150,000
Also how should the question above that box be answered:
Tom rolled over all of this money to another traditional IRA or other retirement account (or returned it to the same account
Or
Tom did a combination of rolling over, converting or cashing out the money
Thanks in advance.