topic Re: Ira Conversion in Get your taxes done using TurboTax

Ira Conversion

Confusedreturn — Wed, 10 Mar 2021 05:05:04 GMT

In 2020, I converted my IRA to a ROTH IRA. I only have 1 IRA. TurboTax said none of the proceeds, not just the 10% penalty, were taxable. The IRA was not inherited and no form 8606 was generated.

Re: Ira Conversion

macuser_22 — Wed, 10 Mar 2021 05:34:09 GMT

What code is in box 7.

What is in box 2a?

Is the IRA/SEP/SIMPLE box checked?

Did you it in the 1099-R section and say you "moved: the money, then did a combination if things and entered the amount converted into the lower box?

Re: Ira Conversion

Confusedreturn — Wed, 10 Mar 2021 06:04:05 GMT

Thanks Champ for the follow-up. Here is the info:

Box 7 = 2

Box 2a = equal to box 1 (don't want to give an exact amount as that should not matter)

Ira/Sep/Simple = checked

I don't follow your question regarding "moved:". I use the desktop version of TurboTax and am not sure what you are referring to. I answered the question that I moved it to another retirement account and move all the money. Once I entered the 1099-R, turbotax said I would not be taxed on it. When I answered the questions that I oved the entire amount TT again said I owed no taxes on it.

Re: Ira Conversion

macuser_22 — Wed, 10 Mar 2021 06:13:59 GMT

@Confusedreturn wrote:

Thanks Champ for the follow-up. Here is the info:

Box 7 = 2

Box 2a = equal to box 1 (don't want to give an exact amount as that should not matter)

Ira/Sep/Simple = checked

I don't follow your question regarding "moved:". I use the desktop version of TurboTax and am not sure what you are referring to. I answered the question that I moved it to another retirement account and move all the money. Once I entered the 1099-R, turbotax said I would not be taxed on it. When I answered the questions that I oved the entire amount TT again said I owed no taxes on it.

Did you enter it this way?

Re: Ira Conversion

Confusedreturn — Wed, 10 Mar 2021 06:17:29 GMT

The short answer is no, I did not do it that way. I have a value of 2 for Box 7 and never got the screens you listed.

Re: Ira Conversion

Confusedreturn — Wed, 10 Mar 2021 06:19:26 GMT

Form 1040 line 4a is fine but line 4b says rollover.