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kvu
Level 1

roth IRA conversion

I converted $45,000 from my tradional IRA into a Roth IRA

1099 R showed:

Box 2a taxable amount: $45,000

Box 2b taxable amount not determined (checked)

Box 7 distribution code 2

But TurboTax determined that I do not owe any tax on this distribution?

 

 

 

 

 

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2 Replies

roth IRA conversion

After you enter the 1099R it will ask you some follow up questions.

 

Pick you moved it to another retirement account.  Then it will ask if it was to a ROTH.  

Then choose - I did a combination of rolling over, converting or cashing out the money
Then it will ask how much you converted to a ROTH

dmertz
Level 15

roth IRA conversion

I suspect that TurboTax told you that there is no "additional" tax, meaning no early-distribution penalty.  I also suspect that the IRA/SEP/SIMPLE box is marked on the Form 1099-R, so you should see the taxable amount appear on Form 1040 line 4b.

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