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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Please clarify your question.
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" only $13,000 was transferred to my ROTH account."
That is your conversion amount.
$2,000 was transferred to US Treasury.
Fanfare was correct. $13,000 went to ROTH, $2000 Schwab sent to US treasury.
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