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Level 2
posted Jan 30, 2022 1:31:33 PM

roth conversion considered both income and a contribution

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.

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1 Replies
Level 15
Jan 30, 2022 1:36:41 PM

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