topic 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/697664#M66698 <P>I made a nondeductible Traditional IRA contribution. The next day I converted the entire amount to a Roth IRA.&nbsp; This conversion should not be taxable, but the 1099-R shows the amount as taxable.&nbsp; How do I correct this issue?</P> Thu, 06 Jun 2019 13:00:18 GMT nepmeh 2019-06-06T13:00:18Z 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable? https://ttlc.intuit.com/community/retirement/discussion/1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/697664#M66698 <P>I made a nondeductible Traditional IRA contribution. The next day I converted the entire amount to a Roth IRA.&nbsp; This conversion should not be taxable, but the 1099-R shows the amount as taxable.&nbsp; How do I correct this issue?</P> Thu, 06 Jun 2019 13:00:18 GMT https://ttlc.intuit.com/community/retirement/discussion/1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/697664#M66698 nepmeh 2019-06-06T13:00:18Z Enter the 1099-R exactly as printed, which will initially... https://ttlc.intuit.com/community/retirement/discussion/enter-the-1099-r-exactly-as-printed-which-will-initially/01/697670#M66699 <P>Enter the <B>1099-R</B> exactly as printed, which will <U>initially</U> show the entire distribution as taxable. &nbsp;When you land on the summary screen, select <B>Continue</B> and answer the follow up questions about "<B>what you did with the money</B>" and "<B>contributions previously taxed</B>" (i.e. your non-deductible contributions). &nbsp;</P> Thu, 06 Jun 2019 13:00:20 GMT https://ttlc.intuit.com/community/retirement/discussion/enter-the-1099-r-exactly-as-printed-which-will-initially/01/697670#M66699 KenH1 2019-06-06T13:00:20Z Re: 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable? https://ttlc.intuit.com/community/retirement/discussion/re-1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/1211160#M90338 <P>I was having a similar problem. Going to IRS Publication 590-A, I found that as of December 31, 2017 a conversion from an IRA to a Roth is limited when income is above levels revealed in the publication. I will need to undo the conversion before April 15, 2020 or it will be taxable, despite the fact that all my IRA contributions were from post tax income.</P> Sat, 22 Feb 2020 23:53:24 GMT https://ttlc.intuit.com/community/retirement/discussion/re-1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/1211160#M90338 whitski 2020-02-22T23:53:24Z Re: 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable? https://ttlc.intuit.com/community/retirement/discussion/re-1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/1252480#M91995 <P>From IRS Form 590-A for 2019</P><P>&nbsp;</P><P>"Conversions<BR />You can convert a traditional IRA to a Roth IRA. The conversion is treated as a rollover, regardless of the conversion method used. Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another, apply to these rollovers. However, the 1-year waiting period doesn’t apply.<BR />Conversion methods. You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways.<BR />• Rollover. You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA<BR />within 60 days after the distribution.<BR />• Trustee-to-trustee transfer. You can direct the<BR />trustee of the traditional IRA to transfer an amount<BR />from the traditional IRA to the trustee of the Roth IRA.<BR />• Same trustee transfer. If the trustee of the traditional<BR />IRA also maintains the Roth IRA, you can direct the<BR />trustee to transfer an amount from the traditional IRA<BR />to the Roth IRA."</P><P>&nbsp;</P><P>&nbsp;</P> Sat, 29 Feb 2020 23:33:18 GMT https://ttlc.intuit.com/community/retirement/discussion/re-1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/1252480#M91995 vgf 2020-02-29T23:33:18Z
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topic 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable? in Retirement tax questions
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<P>I made a nondeductible Traditional IRA contribution. The next day I converted the entire amount to a Roth IRA.&nbsp; This conversion should not be taxable, but the 1099-R shows the amount as taxable.&nbsp; How do I correct this issue?</P>
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1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable?
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<P>I made a nondeductible Traditional IRA contribution. The next day I converted the entire amount to a Roth IRA.&nbsp; This conversion should not be taxable, but the 1099-R shows the amount as taxable.&nbsp; How do I correct this issue?</P>
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Enter the 1099-R exactly as printed, which will initially...
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https://ttlc.intuit.com/community/retirement/discussion/enter-the-1099-r-exactly-as-printed-which-will-initially/01/697670#M66699
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<P>Enter the <B>1099-R</B> exactly as printed, which will <U>initially</U> show the entire distribution as taxable. &nbsp;When you land on the summary screen, select <B>Continue</B> and answer the follow up questions about "<B>what you did with the money</B>" and "<B>contributions previously taxed</B>" (i.e. your non-deductible contributions). &nbsp;</P>
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Re: 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable?
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https://ttlc.intuit.com/community/retirement/discussion/re-1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/1211160#M90338
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<P>I was having a similar problem. Going to IRS Publication 590-A, I found that as of December 31, 2017 a conversion from an IRA to a Roth is limited when income is above levels revealed in the publication. I will need to undo the conversion before April 15, 2020 or it will be taxable, despite the fact that all my IRA contributions were from post tax income.</P>
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Re: 1099-R shows taxable $6,500 convertion of a nondeductible ira to a roth. How to show this is not taxable?
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https://ttlc.intuit.com/community/retirement/discussion/re-1099-r-shows-taxable-6-500-convertion-of-a-nondeductible-ira-to-a-roth-how-to-show-this-is-not/01/1252480#M91995
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<P>From IRS Form 590-A for 2019</P><P>&nbsp;</P><P>"Conversions<BR />You can convert a traditional IRA to a Roth IRA. The conversion is treated as a rollover, regardless of the conversion method used. Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another, apply to these rollovers. However, the 1-year waiting period doesn’t apply.<BR />Conversion methods. You can convert amounts from a traditional IRA to a Roth IRA in any of the following three ways.<BR />• Rollover. You can receive a distribution from a traditional IRA and roll it over (contribute it) to a Roth IRA<BR />within 60 days after the distribution.<BR />• Trustee-to-trustee transfer. You can direct the<BR />trustee of the traditional IRA to transfer an amount<BR />from the traditional IRA to the trustee of the Roth IRA.<BR />• Same trustee transfer. If the trustee of the traditional<BR />IRA also maintains the Roth IRA, you can direct the<BR />trustee to transfer an amount from the traditional IRA<BR />to the Roth IRA."</P><P>&nbsp;</P><P>&nbsp;</P>
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