topic 1099R with RMD with Roth conversion in Get your taxes done using TurboTax

1099R with RMD with Roth conversion

SLYKTAX — Thu, 27 Feb 2025 04:41:15 GMT

My 1099R has RMD and ROTH Conversion from my IRA Account.

Assuming my 1099R has both, say my RMD = $35,000 & my Roth Conversion is $15,000

Since I cannot directly get my RMD into my ROTH, I have to do a $15,000 conversion to ROTH.

Because Schwab need to do tax withholding, say, $2,000 was withheld and only $13,000 was transferred to my ROTH account.

So TT has a question:

What is the amount converted to ROTH IRA Account? Is it $15,000 before tax withholding or $12,000 after?

Thanks

JohnB5677 — Sun, 02 Mar 2025 15:34:05 GMT

Please clarify your question.

Did you take a total of $50,000 out of thee account?
- $35,000 RMD
- $15.000 Other
Or did you want to convert $15,000 of the $35,000?
20% is the required withholding.
Did you have $10,000 withheld?
Did you have $3,000 of $15,000 withheld?
Did you get a check and then contribute to the ROTH?
Did you have Schwab place it directly into an account?

Please contact us again to provide some additional details.

fanfare — Sun, 02 Mar 2025 16:03:33 GMT

" only $13,000 was transferred to my ROTH account."

That is your conversion amount.

$2,000 was transferred to US Treasury.

SLYKTAX — Mon, 03 Mar 2025 04:54:02 GMT

Fanfare was correct. $13,000 went to ROTH, $2000 Schwab sent to US treasury.