turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I contributed $3250 into a traditional IRA over the year and then converted it all into a ROTH IRA - how do I report this on my taxes?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DanaB
Expert Alumni

I contributed $3250 into a traditional IRA over the year and then converted it all into a ROTH IRA - how do I report this on my taxes?

If you use TurboTax Online:

To enter the contribution to the traditional IRA:

  1. Login to your TurboTax Account 
  2. Click "Take Me To My Return"
  3. Click "Federal" from the left side of your screen
  4. Click “Deductions &Credits” on the top
  5. Scroll down to “Retirement and Investments” and click “Show more
  6. Scroll down to “Traditional and Roth IRA Contributions” and click “Start

To enter the 1099-R conversion:

  1. Click "Federal" from the left side of your screen
  2. Scroll down to “Retirement Plans and Social Security” and click “Show more
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  9. Then choose “I converted all of this money to a Roth IRA account.”



If you use TurboTax Download/CD

To enter the  contribution to the traditional IRA:

  1. Open your return
  2. Click “Deductions &Credits” on the top
  3. Click "I'll choose what to work on"
  4. Scroll down to “Traditional and Roth IRA Contributions” and click “Start

To enter the 1099-R conversion:

  1. Click "Personal Income" on the top
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  9. Then choose “I converted all of this money to a Roth IRA account.”

If you had any nondeductible contributions to your traditional IRA then please ensure that you enter the basis:

  1. On the "Your 1099-R Entries" screen click "continue"
  2. Answer "yes" to "Any nondeductible Contributions to your IRA?"
  3. Answer the questions about the basis

[Edit 3/30/2019 7:30]

I contributed $3250 into a traditional IRA over the year and then converted it all into a ROTH IRA - how do I report this on my taxes?

"contributed $3250 into a traditional IRA over the year"
OP must also record the 2018 contribution.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies