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New Member
posted Feb 13, 2021 4:54:20 PM

How to enter a traditional IRA > Roth IRA rollover conversion? I only get the option for Roth > traditional, not traditional > Roth.

I rolled over my traditional IRA into a Roth IRA this year. When I go through Turbo Tax, it asks me if I converted my Roth into a traditional, but not the other way around. It asks me if I converted Roth into traditional for years BEFORE 2020 and only gives options for 2015-2019. I converted it in 2020, and I know this is a taxable event.

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3 Replies
Expert Alumni
Feb 14, 2021 7:40:36 AM

You should have a Form 1099-R that reports the distribution from your Traditional IRA.  When you enter that Form 1099-R into your return, there will be a series of questions that you will answer to indicate that the distribution was rolled over to a Roth IRA.  Without the Form 1099-R reporting the distribution, you cannot indicate that it was rolled over.

 

If you do not have the Form 1099-R reporting the Traditional IRA distribution, you should contact your IRA custodian.

 

Also, rolling your Traditional IRA to a Roth IRA is not considered to be a contribution to a Roth IRA.  It should not be entered into your return as a contribution.  

Level 15
Feb 14, 2021 7:45:22 AM

For some reason in some versions of TurboTax the developers removed the selection to directly indicate that you converted the entire amount.  Instead you must now indicate that you did a combination of rolling over, converting and cashing out, then enter the amount converted.  Assuming that you converted the entire gross amount of the distribution, the result will be the same as if you had been able to directly indicate that the entire amount had been converted.

Level 1
Mar 10, 2024 8:41:10 PM

Thank you. You answered my question when the Turbo Tax support personnel could not.