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joshtb86
New Member

how to do traditional ira conversion to roth with 1099 r

trying to figure out how to enter the 1099r i received and appropriately pay rtax on the earnings. ,i convered a traditional ira with 24k into a roth with about 16500 in contributions. box 1 & 2 both say the max amount. not sure how to factor in the contributions here to determine how much tax to pay. any assistance is appreciated. thanks~!

2 Replies
qbteachmt
Returning Member

how to do traditional ira conversion to roth with 1099 r

You want to use Form 8606:

https://ttlc.intuit.com/community/accessing/help/where-do-i-find-form-8606/00/25713

 

"not sure how to factor in the contributions here to determine how much tax to pay."

 

Make sure to understand why this might be completely taxable. There are three types of Contributions in a Traditional IRA, and you might have only one type, two types, or all three types:

Your own, Pre-tax

Your own, Post-tax <== this is called Your Basis

Your employer's match, Pre-tax

 

plus any growth or earnings, which would be Pre-tax

 

If you have no Basis, then everything has gone in tax-deferred. Everything that comes out will be taxed as ordinary income, because it has never been subject to taxes. Done.

 

Or;

 

You have Basis (put in funds post-tax), then when you took/take funds, that amount is a part of all funds in all tax-sheltered IRA accounts. That is the % or $ taxable. Form 8606 will help you track the changing Basis.

VolvoGirl
Level 15

how to do traditional ira conversion to roth with 1099 r

Right.  It is ALL taxable unless you didn't get a deduction when you made the contributions.  You have to look on your old tax returns each year you made a contribution.  Or was this from a 401K rollover originally?  

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