No, it is not taxed again and because it was a nontaxable conversion, distributions of money attributable to this nontaxable conversion are not subject to penalty at any age. If the distribution is not a qualified distribution, the taxable amount of the Roth IRA distribution will be determined on Form 8606 Part III. To allow TurboTax to properly prepare Form 8606 you must click the Continue button on the Your 1099-R Entries page and answer the questions that follow regarding your basis in Roth IRA contributions and conversions.
