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jimcotant
Returning Member

2021 Roth Conversion from Traditional 401K

I made a Roth Conversion from a partial distribution from one of my Traditional IRA accounts. After I entered the information from that 1099-R at some point a question came up about how much of the distribution went to the Roth Conversion. It was only a part of the distribution, and I answered it with the pre-tax amount. I thought I was going to pay the tax portion with a separate moneys, but they auto withheld the taxes giving me an actual conversion amount less than the pre-tax amount I entered on turbo tax. Did that result in me paying more taxes?? I should have knowen better, but I was in a hurry to get my taxes filed and did not have any paperwork from the Roth yet, although I should have been about to figure that out from the 1099-R from the account I used for the partial conversion. Any Thoughts on possible paying more tax than I should have ????    Thanks

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1 Reply
AdamNe
Employee Tax Expert

2021 Roth Conversion from Traditional 401K

Hello @jimcotant !

 

Thanks for the question. It sounds like you used the correct amount for the amount of income from the conversion, but you may have omitted the tax withholdings. Total up all your taxes withheld from Forms 1099, and compare that against line 25b of your Form 1040. If the amount reported on the return is less than the actual amount, you should amend your return to be sure to claim all withholdings paid. 

 

Thank you for reaching out!

 

Best,

Adam, EA

TurboTax Live Expert

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