Traditonal IRA distribution question in the 1099-R section of wages & income

To begin with I converted money from Traditional IRA to ROTH IRA account with the same brokerage firm. I imported the 1099-R information into TurboTax from the brokerage firm. A couple questions after that TurboTax asks "What did you do with the money from the brokerage firm" and I given to options:

1) I moved the money to another retirement account (or returned it to the same retirement account).

2) I did something else with it (cashed out, etc.).

Since I converted it from IRA to Roth does it count as moving it another retirement account or cashing out?

204

Expert Alumni

Mar 26, 2023 5:44:46 PM

Yes, since you converted your distribution from a Traditional IRA to a Roth IRA you would select the option that you moved the money to another retirement account.

For additional information, please refer to the TurboTax Help article Where do I enter an IRA rollover?

Level 2

Mar 27, 2023 7:33:06 PM

Thank you.

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Traditonal IRA distribution question in the 1099-R section of wages & income