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R-CBriarwood
Returning Member

How do I report a Traditional IRA conversion to a Roth IRA?

The option to select I converted from a Traditional IRA to a Roth IRA is no longer listed in TurboTax 2020.  How do I proceed without this option?
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5 Replies
dmertz
Level 15

How do I report a Traditional IRA conversion to a Roth IRA?

Indicate that you did a combination of rolling over, converting and cashing out, then enter in the conversion box the amount converted.

R-CBriarwood
Returning Member

How do I report a Traditional IRA conversion to a Roth IRA?

So the option to code it as a Traditional IRA transfer into a Roth IRA is gone?  

Why was this option removed?

How do I report a Traditional IRA conversion to a Roth IRA?


@R-CBriarwood wrote:

So the option to code it as a Traditional IRA transfer into a Roth IRA is gone?  

Why was this option removed?


There is no such code and never has been.     A Traditional IRA to Roth is the same as any other IRA distribution, you must report that it was a taxable distribution if converted to a Roth on the 1040 form line 4 and  8606 form that TurboTax will add for you when you enter the Roth conversion in the interview.

**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.**
dmertz
Level 15

How do I report a Traditional IRA conversion to a Roth IRA?

R-CBriarwood is apparently referring to the "converted all" selection that has been removed from TurboTax list of choices for describing the nature of the movement of funds from one retirement account to another.  As mentioned above, indicate that you did a combination of rolling over, converting and cashing out, then enter in the conversion-amount box the amount that was converted.

 

Nobody here knows why the "converted all" selection was removed.

How do I report a Traditional IRA conversion to a Roth IRA?


@dmertz wrote:

R-CBriarwood is apparently referring to the "converted all" selection that has been removed from TurboTax list of choices for describing the nature of the movement of funds from one retirement account to another.  As mentioned above, indicate that you did a combination of rolling over, converting and cashing out, then enter in the conversion-amount box the amount that was converted.

 

Nobody here knows why the "converted all" selection was removed.


That appears to be desktop only.  Converted all is still an option in the online version and the poster indicated that they were using the online version.

 

Screen Shot 2021-02-05 at 8.20.27 AM.jpg

**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.**
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