2955913
[Used Fidelity for these transactions]
Q: Where/How Turbotax can/will show - to charge tax on profit ($558.67)
Context:
I added $6000 to IRA(first time ever) in 2020. And I did this rollover/conversion to roth IRA in Nov 2022.
I added $6000 to IRA in 2022, and did rollover (in a week) to Roth IRA
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Now I have these forms in my account:
A) 1099-R (tIRA) showing (with these fields having values)
1 Gross distribution: 12,558.67
2a Taxable amount: 12,558.67
7 Distribution code(s): 2
IRA/ SEP/ SIMPLE: X
B) 5498 (2022 IRA Contribution Information)
IRA contributions (other than amounts in boxes 2-4, 8-10, 13a and 14a): $6000
C) 5498 (2020 IRA Contribution Information) [this is from my fidelity tax history 2020]
IRA contributions (other than amounts in boxes 2-4, 8-10, 13a and 14a): $6000
Note: no other transactions done in IRA or Roth IRA till date
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Please follow the steps below and you will see the earnings taxable on line 4b of Form 1040.
To enter the nondeductible contribution to the traditional IRA:
To enter the 1099-R conversion:
TurboTax will automatically calculate the taxable part of $558.67 after following all the steps (assuming your value at end of 2022 was $0) and transfer it to line 4b of Form 1040.
To preview Form 1040:
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