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Level 1

Need help figuring out taxable and non-taxable portions of IRA conversion to a Roth IRA

In years 2013 and prior, I've converted a total of $20,000 from a traditional IRA to a Roth IRA.  The money was taxed at the time of the conversion. I also did contributions of after tax money that totaled $4,400 prior to 2013 to the Roth IRA.    In year 2014, I converted $5,644 more from the traditional IRA to the Roth IRA (closing out the traditional IRA).  The money was taxed at the time of the conversion.  TurboTax was pretty clear about how to enter the info from 2013 and prior.  But now I'm at the screen where it tells me to report net conversions that were taxable and non-taxable for the $5,644 conversion I did, which confuses me. I should also mention that in 2018, I took out $10,000 from this Roth IRA.  So what should I put in the taxable and non-taxable part on this screen in TurboTax for the $5,644 I converted in 2014?

4 Replies
Level 20

Need help figuring out taxable and non-taxable portions of IRA conversion to a Roth IRA

Examine your 2014 Form 8606 to find the taxable and nontaxable amounts of your Roth conversions in each of these years.  Line 17 will show the nontaxable amount of the conversion and line 18 will show the taxable amount of the conversion.

It would be easier if everything was kept to a single question thread.  Related question here:

https://ttlc.intuit.com/questions/4701184-turbotax-is-telling-me-money-i-took-from-a-roth-ira-is-tax...

Level 5

Need help figuring out taxable and non-taxable portions of IRA conversion to a Roth IRA

I don't seem to find an 8606 in my prior returns.  Would this have been in TurboTax?

Level 20

Need help figuring out taxable and non-taxable portions of IRA conversion to a Roth IRA

TurboTax would have automatically prepared Form 8606 for any year that you entered into TurboTax a new nondeductible traditional IRA contribution, you reported a distribution from a traditional IRA and you told TurboTax that you had basis in traditional IRA contributions,  you reported a Roth conversion,  or you reported a nonqualified distribution from a Roth IRA.

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Level 5

Need help figuring out taxable and non-taxable portions of IRA conversion to a Roth IRA

Thank you.  Neither applies so I would not have been prompted for 8606.  

 

2nd Part:  

 

I closed ROTH IRA after 5 years, and I'm trying to determine amount of loss. In Easy Step, it's asking for years I did converted traditional IRA to a ROTH IRA. The screen asks for net conversions and whether they are Taxable Conversions or Nontaxable conversions. Does this mean were they taxed on the IRA side, or were the ROTH distributions taxed?