You are converting a Traditional IRA to a Roth IRA. If all your contributions to your Traditional IRA were made with pretax funds then the entire amount will be taxable on the conversion as shown on the 1099-R box 2.
Both your contributions and the earnings in the Traditional IRA are taxable when the funds are distributed.
You should have received a Form 1099-R from your financial institution reporting the Roth conversion. It will be coded as a rollover (Code G). You'll use the information from that form to report your Roth conversion income on Form 8606 with the taxable portion of the conversion income reported on your Form 1040.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
