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How is a Roth conversion inputted when there are both deductible and non-deductible IRA's?
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June 4, 2019
2:07 PM
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Retirement tax questions
Please follow the instructions below:
- Login to your TurboTax Account
- Click "Take Me To My Return"
- Click "Federal" from the left side of your screen
- Scroll down to “Retirement Plans and Social Security” and click “Show more”
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)"
- Answer "Yes" to the question "Did You Have Any of These Types of Income?"
- Click "I'll Type it Myself"
- Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
- Then choose “I converted all of this money to a Roth IRA account.”
- On the "Your 1099-R Entries" screen click "continue"
- Answer "yes" to "Any nondeductible Contributions to your IRA?"
- Answer the questions about the basis (non-deductible IRA amount)
The nondeductible part of the conversion will not be taxable, the deductible part of the conversion will be taxable.
You can preview Form 1040:
- On the left side of your screen, select Tax Tools, then Tools.
- Under Tool Center, select View Tax Summary.
- On the left side of your screen, select Preview my 1040.
The taxable part will be on line 4b on Form 1040.
June 4, 2019
2:08 PM