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u10cs43
New Member

Where do i enter traditional ira to roth ira conversion

 
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3 Replies
DanielV01
Expert Alumni

Where do i enter traditional ira to roth ira conversion

This is reported through your 1099-R entries.  The 1099-R that you receive to report the conversion will probably have a code 2 in box 7.  If your TIRA (Traditional IRA) was originally deductible, then you will only need to answer the question that you converted it, and that the conversion was to a Roth account.  However, if the TIRA was nondeductible contributions, you will be asked what is your end-of-year basis.  If you had a full conversion (back-door Roth), then you will enter zero as your ending basis, so that the conversion does not become included as income.  If the IRA contribution was made this year, you will need to enter that in the correct location also as a TIRA contribution, which will trigger that the amount was not deductible, and that therefore the conversion does not add taxable income.

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Where do i enter traditional ira to roth ira conversion

I converted a traditional IRA to a Roth in 2019: when reporting this conversion, Turbo Tax Premier is the product I need to use? (I cannot use the Deluxe product?) Thanks

dmertz
Level 15

Where do i enter traditional ira to roth ira conversion

All versions of TurboTax support Roth conversions.

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