topic How do I report ira distribution? in Retirement tax questions

How do I report ira distribution?

baxter13 — Thu, 06 Jun 2019 07:41:57 GMT

I converted all of my trad ira to another company. Then, I converted half trad to a roth ira. I rec'd 1099-R's for both accounts showing distributions. It seems that the questions in TT lead me to show full PLUS half amount in the ira distribution income, which significantly increases tax due. Is this correct?

"I converted all of my trad ira to another company." Did...

macuser_22 — Thu, 06 Jun 2019 07:41:58 GMT

"I converted all of my trad ira to another company." Did you mean that you transferred the IRA from one trustee to another trustee?

What code is on box 7 and is the IRA/SEP/SIMPLE box checked?

Yes, trustee changed. First 1099 shows G, nothing in IRA...

baxter13 — Thu, 06 Jun 2019 07:42:00 GMT

Yes, trustee changed. First 1099 shows G, nothing in IRA/sep box . roth 199 shows code 2 and ira/sep is checked.

Then enter as below.

macuser_22 — Thu, 06 Jun 2019 07:42:01 GMT

Then enter as below.

But, this increase my total income for the combined amoun...

baxter13 — Thu, 06 Jun 2019 07:42:03 GMT

But, this increase my total income for the combined amount. Is that correct?

It is all income, but not all taxable income. The summar...

macuser_22 — Thu, 06 Jun 2019 07:42:04 GMT

It is all income, but not all taxable income. The summary screen displays total income taxable or not. The 1040 line 4b shows taxable income. What is on 4b?

let me look..1040? right

baxter13 — Thu, 06 Jun 2019 07:42:07 GMT

let me look..1040? right

Right - switch to the forms mode.

macuser_22 — Thu, 06 Jun 2019 07:42:09 GMT

Right - switch to the forms mode.

Enter the first 1099-R and say in the follow up that you...

macuser_22 — Thu, 06 Jun 2019 07:42:10 GMT

Enter the first 1099-R and say in the follow up that you moved to to another retirement account (rollover) unless it has a code G in box 7 that is automatically a rollover.

The second also say in the follow up that you moved to to another retirement account but choose that you converted to to a Roth.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]