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Hasmukh41
Returning Member

Traditional IRA conversion to Roth IRA after withholding taxes

I am using Turbotax Premier. Got to page for 1099-R to post RMD amount taken and taxes withheld from Traditional IRA. Now I need to post part of RMD amount received which is converted to Roth IRA but I cannot find the Roth Conversion area to input this Roth converted amount

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2 Replies

Traditional IRA conversion to Roth IRA after withholding taxes

First the 2020 program is not fully functional ... and next the 1099-R is entered in the retirement section and all the following screens need to be completed to indicate how much of the distribution was converted to a ROTH.  The RMD amount is not eligible for a conversion normally but since there was no RMD requirement in 2020 you will not have this issue ... but again that section of the program has NOT been updated yet for the 2020 rules ... come back in January when it is updated. 

 

It means you have a form in your return that is not yet ready to be filed ... click on the REVIEW tab to see what it is and when it is estimated to be ready ... 

 

IRS Forms Availability Table for TurboTax Individual (Personal) Tax Products

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State Forms Availability Table for TurboTax Individual (Personal) Tax Products

 

dmertz
Level 15

Traditional IRA conversion to Roth IRA after withholding taxes

Also, because RMDs have been waived for 2020, the distribution that you received was not an RMD even though it was originally intended to be an RMD.  If TurboTax asks how much was RMD, you must indicate to TurboTax that none of the distribution was an RMD since TurboTax will only allow you to roll over or convert the amount that is in excess of what you tell TurboTax is an RMD.

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