The "Personal Income tab" is in the Home & Business versions Of TurboTax. In Premiere, enter at:
- Federal Taxes tab
- Wages & Income
- “I’ll choose what I work on” Button
Scroll down to:
-Retirement Plans & Social Security
-IRA, 401(k), pension Plans (1099-R)
A "transfer" from a traditional IRA to a Roth is called a conversion. You will receive a form 1099-R, reporting the "distribution" from your Traditional IRA. Enter at the 1099-R screen, in TurboTax. The follow up interview will identify the distribution as a conversion. The taxable portion will go on line 15b of form 1040. All of it is taxable, unless you made some non deductible contributions to your traditional IRA in the past.
