topic the question im not sure about on turbo tax is"what did i do with the money from my retirement in Get your taxes done using TurboTax

the question im not sure about on turbo tax is"what did i do with the money from my retirement

ldb10 — Thu, 26 Mar 2020 20:48:40 GMT

the question on turbo tax that asks what did you do with the money from my pension the choices given are moved moneyto another account or returned it to the same account rolled over to a ira converted to a roth ira or did a combo convert rollover or cash out . I just get a monthly pension. what do I choose?

Re: the question im not sure about on turbo tax is"what did i do with the money from my retirement

DoninGA — Thu, 26 Mar 2020 20:51:02 GMT

Choose you did something else with it.

Re: the question im not sure about on turbo tax is"what did i do with the money from my retirement

robjohn2011 — Thu, 02 Mar 2023 21:44:37 GMT

Me too. What happens if I did put some of it in a Roth?

Re: the question im not sure about on turbo tax is"what did i do with the money from my retirement

HopeS — Thu, 02 Mar 2023 22:51:29 GMT

Assuming you are receiving distributions (Form 1099R,) you can rollover a portion of your pension distribution into a ROTH.

Pension and annuity distributions are usually made to retired employees, disabled employees, and in some cases to the beneficiary of a deceased employee.

If no after-tax contributions were made to the pension plan before distribution, the entire amount is generally included in taxable income.
However, in cases where after-tax contributions were made to an annuity or pension, only a portion of the distribution will usually be taxed.

Therefore if you set up a ROTH IRA, you will pay taxes when the pension is rolled over. However, you won't pay taxes on the withdrawals since the contributions were made with after-tax funds.

If this response does not answer your question, please clarify.

@robjohn2011