You'll need to sign in or create an account to connect with an expert.
This is reported through your 1099-R entries. The 1099-R that you receive to report the conversion will probably have a code 2 in box 7. If your TIRA (Traditional IRA) was originally deductible, then you will only need to answer the question that you converted it, and that the conversion was to a Roth account. However, if the TIRA was nondeductible contributions, you will be asked what is your end-of-year basis. If you had a full conversion (back-door Roth), then you will enter zero as your ending basis, so that the conversion does not become included as income. If the IRA contribution was made this year, you will need to enter that in the correct location also as a TIRA contribution, which will trigger that the amount was not deductible, and that therefore the conversion does not add taxable income.
I converted a traditional IRA to a Roth in 2019: when reporting this conversion, Turbo Tax Premier is the product I need to use? (I cannot use the Deluxe product?) Thanks
All versions of TurboTax support Roth conversions.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
gangleboots
Returning Member
jrlm59
New Member
83490749707rn
New Member
jenniferkelly03
New Member
Mohit
Level 3