1099-R

Forum|Forum|4 years ago
February 16, 2022
2 replies
2 views

I moved some of my rollover IRA to a Roth IRA and also received some cash. TurboTax is asking if I moved all the money to either another retirement account or cashed out. Is moving money from a rollover IRA to a Roth IRA considered cashing out?

AmyC

Level 15

Yes. A rollover IRA means you took money from a pre-taxed company pension plan and rolled in into a Traditional IRA. Taking money out of a traditional IRA is a taxable event and all of the money would be taxable. If this is not your situation, what is it?

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dmertz

Level 15

Answer that you moved the money to another retirement account, that you did a combination of rolling over, converting and cashing out, then enter the amount converted to Roth. TurboTax will treat the remainder as cashed out.