IRA to Roth

[TVS56]

I converted 50k from an IRA to a Roth IRA. In the amount moved into the Roth IRA do I enter 50k or the after tax amount?

[LudwigVan_fan]

I'm not exactly sure what you're asking.

You have to report and pay tax on the full $50K removed from the traditional IRA.  Did you not put the full $50K into the ROTH?  If not, you may have to pay a 10% early withdrawal penalty. 

From IRS website:

Converting From Any Traditional IRA Into a Roth IRA

Allowable conversions.

 

You can withdraw all or part of the assets from a traditional IRA and reinvest them (within 60 days) in a Roth IRA. The amount that you withdraw and timely contribute (convert) to the Roth IRA is called a conversion contribution. If properly (and timely) rolled over, the 10% additional tax on early distributions won’t apply. However, a part or all of the distribution from your traditional IRA may be included in gross income and subjected to ordinary income tax.

You must roll over into the Roth IRA the same property you received from the traditional IRA. You can roll over part of the withdrawal into a Roth IRA and keep the rest of it. The amount you keep will generally be taxable (except for the part that is a return of nondeductible contributions) and may be subject to the 10% additional tax on early distributions. See When Can You Withdraw or Use Assets, later, for more information on distributions from traditional IRAs and Early Distributions in Pub. 590-B for more information on the tax on early distributions.

Periodic distributions.

 

If you started taking substantially equal periodic payments from a traditional IRA, you can convert the amounts in the traditional IRA to a Roth IRA and then continue the periodic payments. The 10% additional tax on early distributions won’t apply even if the distributions aren’t qualified distributions (as long as they are part of a series of substantially equal periodic payments).

Required distributions.

 

You can’t convert amounts that must be distributed from your traditional IRA for a particular year (including the calendar year in which you reach age 72) under the required distribution rules (discussed in Pub. 590-B).

Income.

 

You must include in your gross income distributions from a traditional IRA that you would have had to include in income if you hadn’t converted them into a Roth IRA. These amounts are normally included in income on your return for the year that you converted them from a traditional IRA to a Roth IRA.

You don’t include in gross income any part of a distribution from a traditional IRA that is a return of your basis, as discussed under Are Distributions Taxable in Pub. 590-B.

https://www.irs.gov/publications/p590a#en_US_2021_publink1000230658

As to reporting the amount put into the ROTH, you would enter whatever amount actually was put into the ROTH.