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humpfh
New Member

Roth IRA conversion instructions appear dated for TTO

I took money out of a traditional IRA and immediately rolled the same amount to a Roth IRA.  The instructions on how to do that in the help section.

"Answer I moved the money to another retirement account (or returned it to the same retirement account) on the What Did You Do With The Money From (payer)?
Next, choose I converted all of this money to a Roth IRA account."

But this specific wording is not represented and appears to be split
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ErnieS0
Expert Alumni

Roth IRA conversion instructions appear dated for TTO

Those are the instructions for TurboTax CD/Desktop.

 

On TurboTax Online,

  • After entering your 1099-R, you'll see a screen Tell us if you moved the money through a rollover or conversion,
  • Select I converted some or all of it to a Roth IRA,
  • Then choose whether (1) Yes, all of this money was converted to a Roth IRA, (2) No, I converted less than [the full amount], or (3) I didn’t convert any of the money.

By converting a Traditional IRA into a Roth, you change otherwise taxable distributions to tax-free distributions. What’s the catch? You’ll have to pay tax now on the amount you convert.

 

To learn more about Roth Conversions click on Now Everyone Can Convert to a Roth.

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