- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Convert previous year's nondeductible traditional IRA to Roth ira in 2016.
I bought $5500 nondeductible traditional ira for 2013 tax year, 8606 form was submitted by turbo tax back then. In 2016 I converted it to roth ira, the investment company sent me the 1099R,box1 showed "$5690" and box 7 showed code "2" with ira/sep/simple box "checked". I followed instruction to fill in this year's Turbo tax (wage/income session), filled base of $5500 and "0" in value of traditional ira on Dec 31, 2016. So before I click the efile button at the last step, where can I confirm the tax was only charged from the difference of $5690-$5500(base)? "
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Convert previous year's nondeductible traditional IRA to Roth ira in 2016.
The 1040 form line 15a should have the box 1 amount and 15b the taxable amount (11a/b on a 1040A).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Still have questions?
Make a post
Or browse the Forums