turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Silly question?: Roth Conversion Amount

I converted $76k from a traditional IRA to a Roth IRA.  Taxes withheld were some $26k.  @ When TurboTax asks "amount converted to a Roth IRA account," is the amount $76k or $50k?  Thanks.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Best answer

Accepted Solutions

Silly question?: Roth Conversion Amount

dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Silly question?: Roth Conversion Amount

If you did not replace the $26k with funds from another source so as to deposit the entire $76k into the Roth IRA, you only converted $50k.

View solution in original post

3 Replies

Silly question?: Roth Conversion Amount

See @dmertz 

dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Silly question?: Roth Conversion Amount

If you did not replace the $26k with funds from another source so as to deposit the entire $76k into the Roth IRA, you only converted $50k.

Silly question?: Roth Conversion Amount

Thanks, dmertz.  That was my first inclination.  But see the first response above.  That was my second inclination.  Frankly, it was TurboTax's wording that made me second-guess my first thought:  "We'll assume that everything that wasn't rolled over or converted was cashed out or wound up somewhere other than a retirement account."  I guess, under further reflection, Uncle Sam's pockets are considered somewhere other.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question