Traditional to Roth IRA conversion

Forum|Forum|3 years ago
March 6, 2023
2 replies
18 views

When reporting 1099-R from IRA account info, I'm asked at some point what I did with the traditional IRA money. Answer: moved to moved to another retirement account. Second set of choices then appears: did I roll over to an IRA or other account? Didn't choose that because I converted to a Roth IRA. Other choice is "did a combination of rolling over, converting, or cashing out." Can't pick this one because I did just one thing: converted to a Roth. So I'm stuck. I did only a Roth conversion but the question that's asked explicitly lists "combination of ...".

Suggest TurboTax change the wording in the second set of questions to provide clear options: just rolled over, just converted, just cashed out, or a combination of those three, and then further exploring the choices selected. TT shouldn't present ambiguity. That's not what we pay for.

In my case, depending on which of the current two choices I make, there's a nice $4xxx refund or a painful $2xxx payment.

MinhT1

Level 15

In the interview which follows the entry of form 1099-R, when you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I converted some or all of it to a Roth IRA and Click Continue

On the next page, you indicate the amount which was converted.

Please see the attached screenshot.

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dmertz

Level 15

In the CD/download version you must indicate that you did a combination and then just enter the entire amount in the Roth conversion box. (The CD/download version used to have a selection to indicate that you converted to Roth, but for some unknown reason the developers removed that selection, making the reporting of a Roth conversion confusing.)