turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

INtaxmama
Returning Member

Traditional IRA Conversion to Roth

How do I indicate my Conversion to a Roth?    WHere? Also, altho I'm retired, I earned $7,000 in a part time job so is this Roth qualified?

 

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.

3 Replies
DanaB27
Employee Tax Expert

Traditional IRA Conversion to Roth

Yes, money earned from a part time job will qualify you to be able to contribute to a Roth IRA.

 

Please follow these steps to enter your 1099-R and conversion:

  1. Open your return
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R as shown
  4. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  5. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
  6. Continue answering the questions in TurboTax

Be sure to enter a basis when asked if you had nondeductible contributions in your traditional IRA in the past.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
INtaxmama
Returning Member

Traditional IRA Conversion to Roth

I won't be receiving a 1099-R for my new ROth opened in jan 2021 for my 2020 taxes. How do I enter info for my 1099-R -- or is this not permitted??

 

DanaB27
Employee Tax Expert

Traditional IRA Conversion to Roth

If you did the conversion to the Roth IRA in January 2021 then you will have to wait until you get your 2021 1099-R and enter it on your 2021 tax return. You will not enter this on your 2020 tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies