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Retirement tax questions
You calculated incorrectly by failing to add the conversion amount to the year end value used in the denominator. The correct calculation of the nontaxable amount is:
$7,947 * $11,000 / ($7,947 + $160,697) = $518
resulting in a taxable amount of
7,947 - $518 = $7,429
exactly in agreement with TurboTax's calculation.
March 1, 2020
6:32 PM