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.
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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.
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.
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.
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