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Retirement tax questions
@volvo05 do you have other traditional IRA's? If you do the IRS treats them as one so there isn't a 100% converstion to Roth and some gains may end up taxable. Say you have $90 in other traditional IRA's with cost of $80 and just opened one for $10 and were making the $10 one a Roth. The IRS says you actually have $100 with cost of $90 and when you convert the $10 to a Roth it will make $1 taxable....
Otherwise you may have missed filling in a box from your 1099, make sure it's checked exactly as received.
Otherwise you may have missed filling in a box from your 1099, make sure it's checked exactly as received.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
May 31, 2019
5:34 PM