How is a Roth conversion inputted when there are both deductible and non-deductible IRA's?

 
DanaB
Expert Alumni

Retirement tax questions

Please follow the instructions below:

  1. Login to your TurboTax Account 
  2. Click "Take Me To My Return"
  3. Click "Federal" from the left side of your screen
  4. Scroll down to “Retirement Plans and Social Security” and click “Show more
  5. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)
  6. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  7. Click "I'll Type it Myself"
  8. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  9. Click "Continue" and enter the information from your 1099-R
  10. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  11. Then choose “I converted all of this money to a Roth IRA account.”
  12. On the "Your 1099-R Entries" screen click "continue"
  13. Answer "yes" to "Any nondeductible Contributions to your IRA?"
  14. 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:

  1. On the left side of your screen, select Tax Tools, then Tools.
  2. Under Tool Center, select View Tax Summary.
  3. On the left side of your screen, select Preview my 1040.

The taxable part will be on line 4b on Form 1040.