roth conversion considered both income and a contribution

phil106 — Sun, 30 Jan 2022 21:31:33 GMT

I am retired and 70 years old. I converted $20,000 of a SEP IRA to a Roth IRA. I received a 1099 for the conversion and the $20,000 is shown as taxable income. However, do I also say that I contributed $20,000 to a Roth IRA in the Deductions section of TurboTax/ I don't think so but thought it might be best to ask the question.

Re: roth conversion considered both income and a contribution

VolvoGirl — Sun, 30 Jan 2022 21:36:41 GMT

No, it is not a new contribution. Only enter the 1099R.

topic Re: roth conversion considered both income and a contribution in Deductions & credits

roth conversion considered both income and a contribution

Re: roth conversion considered both income and a contribution