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Level 1

Solved

IRA roll over to Roth

3 replies
66 views

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?

macuser_22Answer

Alumni - Champ

You do not say that it was rolled over, you say that it was converted,

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Answer

Alumni - Champ

You do not say that it was rolled over, you say that it was converted,

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Level 2

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?

Level 15

Expert Reviewed

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).