Moral of the story:
Financial Advisor takes after-tax income, puts it into IRA and then converts it to Roth. He could have directly put it into Roth, but thought I made above AGI to do so.
They sent me one 1099-R. 5500 Box 1, 5500 Box 2a, X in Box 2b Taxable amount not determined.
Now as a fill in the numbers there is a box on software to check labeled “check here if all/part of the distribution was rolled over, and enter the rollover amount” If I am supposed to “check” this box. It tells me then to enter the rollover amount. If I enter 5500, the computer gives me an error that “taxable amount can not be greater than Gross Distribution minus Rollover amount”
Does this mean that I need to make “taxable amount box 2a” 0? That might make sense and then I pay no taxes on this money
