I took my RMD for 2020 from my Traditional IRA and deposited the net proceeds (less tax) it as Contribution to my ROTH IRA in 2020. Is this a Roll-over or Recharacterization? How do I declare this in my 1040?
You'll need to sign in or create an account to connect with an expert.
Generally, RMDs cannot be converted to a Roth IRA but RMDs were waived in 2020. You must indicate to TurboTax that none of the distribution was RMD. If you already enter the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form.
IRS says:
"You can withdraw all or part of
the assets from a traditional IRA and reinvest them (within
60 days) in a Roth IRA. The amount that you withdraw and
timely contribute (convert) to the Roth IRA is called a conversion
contribution. If properly (and timely) rolled over,
the 10% additional tax on early distributions won’t apply.
However, a part or all of the distribution from your traditional
IRA may be included in gross income and subjected
to ordinary income tax."
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
PAccisano
Level 1
dperrett1
New Member
Phillip6000
Level 1
Phillip6000
Level 1
raspradlin
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.