You'll need to sign in or create an account to connect with an expert.
Lets take this one question at a time:
Option 3> or NO. (I indicated NO), as the money came from my traditional IRA account.
Then TurboTax asks if "I inherit the IRA from my broker" I indicated NO.
What did you do with the money from (broker's name):
option 1 >> I moved the money to another retirement account (or returned it to the same retirement account)
Then turbo tax asks: Chose which of the following applies:
Option 1 >> I rolled over all of this money.
Please contact us again with any questions, and provide some additional details.
I'm confused on what you did. You converted from a Traditional IRA to a ROTH IRA?
It should be option 2 combination. You only converted 60,000. The 15,000 was cashed out for taxes. To convert the whole amount you needed to add back in the 15,000 from your own money.
Then yes to option 2 is 60,000.
Lets take this one question at a time:
Option 3> or NO. (I indicated NO), as the money came from my traditional IRA account.
Then TurboTax asks if "I inherit the IRA from my broker" I indicated NO.
What did you do with the money from (broker's name):
option 1 >> I moved the money to another retirement account (or returned it to the same retirement account)
Then turbo tax asks: Chose which of the following applies:
Option 1 >> I rolled over all of this money.
Please contact us again with any questions, and provide some additional details.
Thanks,
I'm confused on what you did. You converted from a Traditional IRA to a ROTH IRA?
It should be option 2 combination. You only converted 60,000. The 15,000 was cashed out for taxes. To convert the whole amount you needed to add back in the 15,000 from your own money.
Then yes to option 2 is 60,000.
thank you!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nessa1614
New Member
Raph
Community Manager
tommymaulmaul
New Member
link888888
Level 1
smlhaberman
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.