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Retirement tax questions
I'm 75 and my MRD for 2019 was $21K but I decided to increase that to $100K, ( $80K stock, $20K taxes). which I transferred as Stock to my standard stock account. The broker reversed the transaction, advising that opening a Roth was a better move as I didn't need to cash out. I expected therefore to see a 1099-R with $100K withdrawn and $20K taxes paid, but the 1099 showed $100K as Normal Distribution with $20K taxes taken plus a Roth Conversion of $80K for a total distribution of $180K
Entering the Gross Distribution as $180K shows that I owe almost $40K additional taxes, but I only took $100K distribution on which I paid $20K tax, How do I show that all I did was roll the initial $100K back into my IRA and then move it to the ROTH
March 10, 2020
11:04 AM