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bc247skier-
New Member

How do I report IRA transfer to Roth IRA onTurbo tax?

I know I have tax consequences, but where do I report the transfer?
2 Replies
Carl
Level 15

How do I report IRA transfer to Roth IRA onTurbo tax?

After you receive the 1099-R reporting it, you'll report it under the Personal Income tab in the Retirement Plans and Social Security section. There's a sub-section there specifically for 1099-R activity. So you have to wait for the 1099-R.

Hal_Al
Level 15

How do I report IRA transfer to Roth IRA onTurbo tax?

The "Personal Income tab" is in the Home & Business versions Of TurboTax. In Premiere,  enter at:
- Federal Taxes tab
 - Wages & Income
- “I’ll choose what I work on” Button
Scroll down to:
-Retirement Plans & Social Security
      -IRA, 401(k), pension Plans (1099-R)

A "transfer"  from a traditional IRA to a Roth is called a conversion. You will receive a form 1099-R, reporting the "distribution" from your Traditional IRA. Enter at the 1099-R screen, in TurboTax. The follow up interview will identify the distribution as a conversion. The taxable portion will go on line 15b of form 1040.  All of it is taxable, unless you made some non deductible contributions to your traditional IRA in the past.
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