topic How to report Tax paid Traditiaonl IRA to Roth IRA Rollover in Deductions & credits

How to report Tax paid Traditiaonl IRA to Roth IRA Rollover

vsoma1977 — Mon, 03 Feb 2020 04:53:50 GMT

I have received 1099-R and when I import the same.. it is been increased my taxes.

Here is my situation:

in year, 2018 i have invested an additional amount(tax paid) in traditional IRA which I haven't received any tax benefit hence i moved that amount to ROTH IRA in 2019. This year i have received 1099-R, mentioned as taxable income (distribution). Please suggest how to report this with no additional tax payment this year?

Thanks

Soma

If the distribution is from a Traditional IRA, we'll ask you some questions regarding your non-deductible contributions and then calculate the taxable amount based on your information.

Re: How to report Tax paid Traditiaonl IRA to Roth IRA Rollover

DianeC958 — Mon, 03 Feb 2020 17:33:36 GMT

You need to file an amended return for 2018 to take a deduction for the amount contributed.

Link to How to File an Amended Return Using Turbo Tax

If you cannot deduct the contribution in 2018 a form 8606 is generated as part of your tax return. This information then becomes a part of your 2019 return to show that you did not receive a deduction for the contribution to your IRA account.

Re: How to report Tax paid Traditiaonl IRA to Roth IRA Rollover

vsoma1977 — Tue, 11 Feb 2020 06:22:52 GMT

This really helps, I have from 8606 as you have mentioned. .. but how to use this form in 2019 taxes. below is my 1099R after I import .. please help me what i option i need to chose for 8606 here.

Thanks

Vamsi

Re: How to report Tax paid Traditiaonl IRA to Roth IRA Rollover

DaveF1006 — Wed, 12 Feb 2020 20:49:36 GMT

You wouldn't choose it here in this screen. There are followup questions where you will enter the information. As you scroll through the questions, you will reach the part of the program that asks: This will usually appear after you answer the natural Disaster questions.

Any Nondeductible Contributions to XXX IRA?. indicate yes
Next screen says Let's Find Your IRA Basis
Next screen Tell Us the Value of Your Traditional IRA
After you enter the information required, this generates the 8606.