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Roth Conversion and Distribution in same year

This year I converted 15K to my Roth account and took a regular distribution of 34k.  My 1099-R totals 49K  with a distribution code of 7.  Entered the 49k - Turbotax asked what portion was a conversion but never asked for the cost basis information of this amount.  should I entered the two amounts separately or is there a way to get to the screen I need?

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1 Reply
AnnetteB6
Employee Tax Expert

Roth Conversion and Distribution in same year

You can leave the Form 1099-R entry as it is, without entering the amounts separately.  

 

You will enter the basis (total of your non-deductible contributions) of the Traditional IRA in the Deductions and Credits > Retirement and Investments > Traditional and Roth IRA Contributions section of your return.  

 

As you get started in that section, check the box that you have a Traditional IRA and go through the screens until you see a question about 'any non-deductible contributions' to your IRA.  Check 'yes' and then enter the total basis of the account as of the end of 2023.  Remember, this is only asking for the contributions that were made, not the total value of the IRA.  

 

Use the following steps to jump directly to the section where you will enter the Traditional IRA basis:

 

  • Search for “IRA contributions” (be sure to enter exactly as shown here) 
  • The search results will give you an option to “Jump to IRA contributions
  • Click on the blue “Jump to IRA contributions” link and enter your information
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