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New Member
posted Jun 3, 2019 4:49:48 PM

I converted trad IRAs to Roth IRAs in prior years. I'm trying to report them in TurboTax now. TurboTax is asking if they're taxable or nontaxable, I'm not sure.

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1 Best answer
Level 15
Jun 3, 2019 4:49:50 PM

If you had no basis in nondeductible traditional IRA contributions and did no rollovers to an IRA of after-tax money from a qualified retirement plan like a 401(k), all of your Roth conversions were taxable conversions.  If any part of a particular conversion was from basis in nondeductible traditional IRA contributions or from after-tax money in a qualified retirement plan, that part would be a nontaxable conversion.

2 Replies
Level 15
Jun 3, 2019 4:49:50 PM

If you had no basis in nondeductible traditional IRA contributions and did no rollovers to an IRA of after-tax money from a qualified retirement plan like a 401(k), all of your Roth conversions were taxable conversions.  If any part of a particular conversion was from basis in nondeductible traditional IRA contributions or from after-tax money in a qualified retirement plan, that part would be a nontaxable conversion.

Level 1
Jun 3, 2019 4:49:53 PM

They are taxable when you convert them. Roth IRAs are not taxable when you withdrawal them.