Should Turbotax be taxing gains on trad IRA during backdoor traditional IRA conversion to ROTH. Didn't expect that in a tax advantaged retirement account?

Forum|Forum|6 years ago
March 31, 2020
1 reply
14 views

No text available

TurboTax Self Employed Online

DianeC958

Level 12

Yes, if you contributed to a traditional IRA account, that was non-deductible, if the IRA account had any gains before it was converted to a Roth IRA account, the gains are taxable upon the conversion.

Now that it is a Roth account, when you withdraw the money at retirement, none of the distributions are taxable.

How do I enter a backdoor Roth IRA conversion?

@chizimeo

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

fanfare

Level 15

it's your responsibility to be certain your quest for a tax-free conversion is going to succeed before you actually make the conversion.

Conversions can no longer be recharacterized back.

Should Turbotax be taxing gains on trad IRA during backdoor traditional IRA conversion to ROTH. Didn't expect that in a tax advantaged retirement account?

1 reply

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO