Past 3 years I moved some money from my IRA account to Ruth IRA. In turbos tax I indicated I cash it and pay tax on it. How can I correct it that it went to Ruth IRA.

[ThomasM125 · Accepted solution]

I believe you mean you did a ROTH IRA conversion, where you transfer money from your traditional IRA to a ROTH IRA. If so, then it appears you have paid the tax on the transfer as required so you won't need to amend prior year returns.

You can track your ROTH IRA contributions in TurboTax by going to the IRA entries screens in TurboTax, under Deductions and Credits, and then Retirements and Investments, then Traditional and ROTH IRA contributions. Indicate that you want to make a ROTH IRA contribution and work through that section until you see a screen that says Let Us Track Your IRA Basis and indicate that you want to do that. You will be asked for the contributions you made to your ROTH IRA in prior years and if you did any conversions. Then, you will be able to enter the amounts you coverted to your ROTH IRA and TurboTax will track those for you going forward.

[mrnme]

Thank you so much. It was right on.