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Level 1
posted Mar 26, 2024 5:03:23 PM

8606 Line 7 should not contain Roth conversion dollars from a trad IRA distribution in it.

How do I tell TT not to include Roth conversion amounts from a Trad distribution on 8606 line 7?    TT asked about charitable QCD amounts but does not ask for Roth conversion amounts which should be reported on 8606 line 8 separately.   The result is my 8606 line 7 is overstated and line 8 is blank.   Thanks for helping me with this puzzle.   

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1 Best answer
Expert Alumni
Mar 27, 2024 4:56:36 AM

Please be aware, you cannot rollover or convert a RMD.  Therefore, if you indicated that all of your distribution was a RMD then the question for the conversion will not come up.

 

  1. Click "Federal Taxes" on the top and select "Wages & Income"
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)" 
  4. Enter the information from your 1099-R
  5. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
  6. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"

2 Replies
Expert Alumni
Mar 27, 2024 4:56:36 AM

Please be aware, you cannot rollover or convert a RMD.  Therefore, if you indicated that all of your distribution was a RMD then the question for the conversion will not come up.

 

  1. Click "Federal Taxes" on the top and select "Wages & Income"
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)" 
  4. Enter the information from your 1099-R
  5. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
  6. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"

Level 1
Mar 27, 2024 5:26:44 PM

DanaB27, I just wanted to thank you for the answer you sent.  I ended the day yesterday not knowing the next step.  When I started later today, I was really happy to see your answer.  It really did make my day and the taxes are now completed and smart checked.  I did notice that you sent me the email at 4 AM today.   I hope you get a raise or some other recognition for the help you provided.   I would give you 5 stars if I knew where to do that review.   I will look around a little bit to see what I can find.