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I converted my traditional IRA to ROTH, what taxes do I need to pay

 
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2 Replies
ColeenD3
Expert Alumni

I converted my traditional IRA to ROTH, what taxes do I need to pay

Just enter your 1099-R exactly as it appears. the program will handle the taxable amount.

I converted my traditional IRA to ROTH, what taxes do I need to pay

It will all be taxable unless you made any non-deductible contributions and have a basis in the Traditional IRA.

 

Did they take out any taxes or withholding?  You have to enter the whole gross original amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due. The gross amount shows up,on 1040 line 4a or 5a and the taxable amount on 4b or 5b.  The withholding will show up on 1040 line 25b.

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