After entering 1099-R info I am asked if I moved the money to another retirement account to which I answered Yes as we rolled it to a Roth IRA. Then I am told that I do not need to pay tax on this rollover, but since it was moved from a Traditional IRA to a Roth IRA I understood that I DO need to pay tax. Should I instead answer that I did something else with it?
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You do not say that it was rolled over, you say that it was converted,
You do not say that it was rolled over, you say that it was converted,
After entering 1099-R info I am asked if I moved the money to another retirement account to which I answered Yes as we rolled it to a Roth IRA. Then I am told that I do not need to pay tax on this rollover, but since it was moved from a Traditional IRA to a Roth IRA I understood that I DO need to pay tax. Should I instead answer that I did something else with it?
If your Form 1099-R has code 2 in box 7, TurboTax is telling you that you do not have to pay an additional tax (an early-distribution penalty).
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