topic Re: IRA conversion to Roth in Get your taxes done using TurboTax

IRA conversion to Roth

dborowicz — Tue, 19 Jan 2021 13:48:28 GMT

Can you use turbo tax as a what if? I would like to see what effect a roth conversion would mean.

Can i use my 2019 completed tax file? Maybe just copy it to a new file and add the conversion info?

Re: IRA conversion to Roth

VolvoGirl — Tue, 19 Jan 2021 14:01:41 GMT

Yes that could work if you are using the 2019 Desktop program. The Desktop program has a What-If worksheet or you can copy your file to test in. But shouldn't you use your 2020 return? Probably haven't finished 2020 yet.

Re: IRA conversion to Roth

dborowicz — Wed, 20 Jan 2021 14:30:57 GMT

Thanks. So I should create a new file (copy of 2019). And add a 1099R for the desired amount say 20,000?

Re: IRA conversion to Roth

fanfare — Wed, 20 Jan 2021 14:48:38 GMT

First rename your actual filed tax return so you can recognize it.

I.E. 2019FILED

You can make any number of TRIAL returns with CD/Download