Trad IRA to Roth IRA conversion

Forum|Forum|6 years ago
October 8, 2019
1 reply
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I have converted my trad IRA to Roth. I have received a 1099-R and reported it as an income. Do I need to file another form? Is this a taxable event?

VolvoGirl

Level 15

Yes it should be taxable. Did you get a taxable amount on 1040 line 4b? The 1099R is all you need to enter.

NazitaAuthor

Level 2

I did my taxes on Turbotax and not sure how to pull 1040 line 4b. How would I see that?

I just know when I was filling out boxes, TurboTax mentioned that I will need to amend my 2017 return. Do you know why?

NazitaAuthor

Level 2

If 2018 TurboTax mentioned your 2017 tax return in conjunction with entering the Form 1099-R, apparently the code in box 7 of the Form 1099-R is indicating that the transaction was a recharacterization (code R) or a return of contribution (code P), in either case of a 2017 contribution, not a Roth conversion, and was reportable by explanation with your 2017 tax return.

Please elaborate on the contribution you made for 2017 and what you intended to accomplish with the 2018 transaction.

I have received a 1099-R with a code R. This was due to a recharachterization I did in Apr 2018 for the tax year of 2017. The money I originally contributed to my IRA was after tax money and some of it was deductible but the $300 which was not deductible I recharachterized for the tax year of 2017. The 1099-R is showing 2018 and that is what confusing me. Why is it saying 2018 if I did this in the before tax deadline of 2017?

Also when I input it as 2018 in the system it' asking me to amend my 2017, why?