So how do you do this? I copied all 1099R info and I owe taxes twice.
I liquidated my traditional IRA, say $10000, got a check (and eventually a 1099R), put it in an existing ROTH IRA. I paid taxes on it as installments later on during the year. I then transfer $5000 of this taxed ROTH money into my checking account.
i) Why is Turbotax saying I owe taxes on $15000 instead of $10000? That means I pay taxes twice on 5000.
ii) Is it because Fidelity check-marked tax undetermined when it's should be no tax? If I put cash money into a Roth, I paid taxes on it. If I got a check from another bank, they will provide me with a 1099R. Fidelity should not be concerned with this as they know the check came from a traditional IRA and thus, the original bank will provide me with a 1099R -normal distribution.
Anyway, thank you all for your help.
