Traditional IRA Conversion to Roth

Forum|Forum|5 years ago
February 6, 2021
3 replies
28 views

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?

DanaB27

Employee Tax Expert

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:

Open your return
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R” and enter your 1099-R as shown
Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
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"
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.

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INtaxmamaAuthor

Level 2

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

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.

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