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1099R with RMD with Roth conversion

My 1099R has  RMD and ROTH Conversion from my IRA Account. 

Assuming my 1099R has both, say my RMD = $35,000 & my Roth Conversion is $15,000

Since I cannot directly get my RMD into my ROTH, I have to do a $15,000 conversion to ROTH.

Because Schwab need to do tax withholding, say, $2,000 was withheld and only $13,000 was transferred to my ROTH account.

So TT has a question:

What is the amount converted to ROTH IRA Account?  Is it $15,000 before tax withholding or $12,000 after? 

Thanks

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3 Replies
JohnB5677
Employee Tax Expert

1099R with RMD with Roth conversion

Please clarify your question.

 

  • Did you take a total of $50,000 out of thee account?
    • $35,000 RMD
    • $15.000 Other
  • Or did you want to convert $15,000 of the $35,000?
  • 20% is the required withholding.
  • Did you have $10,000 withheld?
  • Did you have $3,000 of $15,000 withheld?
  • Did you get a check and then contribute to the ROTH?
  • Did you have Schwab place it directly into an account?

Please contact us again to provide some additional details. 

 

 

 

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1099R with RMD with Roth conversion

" only $13,000 was transferred to my ROTH account."

 

That is your conversion amount.

 

$2,000 was transferred to US Treasury.

 

@SLYKTAX 

1099R with RMD with Roth conversion

Fanfare was correct. $13,000 went to ROTH, $2000 Schwab sent to US treasury.

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