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Traditional IRA to Roth IRA conversion -- withholding tax not showing on 1040

Schwab helped me do a Traditional-IRA to Roth-IRA conversion (2018 tax year), a total amount of $44,000, of which $4,400 was sent to IRS withholding and $440 was sent to state (CA) withholding. Total net amount converted was $39,160 after withholding taxes were paid. The Schwab 1099-R shows all this, with Box 7 ticked.

I think TurboTax has all this information (Schwab import, also showing on form 8606, part 2). Turbo Tax 1040 is showing a $44,000 deduction from my Traditional IRA (lines 4A and 4B), but the 1040 is not showing the $4,400 Federal withholding tax paid. At least I can't find it.

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Accepted Solutions
dmertz
Level 15

Traditional IRA to Roth IRA conversion -- withholding tax not showing on 1040

Answered in the comments.

View solution in original post

3 Replies
dmertz
Level 15

Traditional IRA to Roth IRA conversion -- withholding tax not showing on 1040

If you entered the $4,400 shown in box 4 of the Form 1099-R provided by Schwab into box 4 of TurboTax's 1099-R form, TurboTax will include the $4,400 in the amount on Form 1040 line 16.

Traditional IRA to Roth IRA conversion -- withholding tax not showing on 1040

Ah ha! You are correct. Thanks for the answer, you're awesome.
dmertz
Level 15

Traditional IRA to Roth IRA conversion -- withholding tax not showing on 1040

Answered in the comments.

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