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How to enter 1099-R Roth Conversion with included Fed & State Tax Withheld

Please advise how enter my Roth conversion of $10K which included Fed and State Tax Withholds.  Thank you! 

 

For ex:

Box 1 & 2a:  $12,600  (Roth conversion = $10K; Fed & State Taxes: $2,600)

Fed Tax:  $2,000

State Tax Withhold:  $600

 

Turbo Tax questions:

(x) NameA converted all of this money to a Roth account

 

You told us that NameA moved the entire $12,600 distribution to another traditional IRA or other retirement account

We see that $2,600 was withheld from this distribution for taxes

 

WHICH ONE SHOULD I SELECT?

 

Did NameA deposit $2,600 from your own funds in addition to the $10,000 Luong received from the distribution? 

 

___  Yes, NameA added $2,600 to the $10,000 NameA got (total of $12,600)

___  No, NameA didn’t add $2,600 to the $10,000 NameA got

 

 

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2 Replies
AmyC
Expert Alumni

How to enter 1099-R Roth Conversion with included Fed & State Tax Withheld

If you took your own money of $2,600 and added it to the $10,000 to rollover the full $12,600 into the new account, choose YES.

If you rolled $10,000 into the new account, choose NO

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How to enter 1099-R Roth Conversion with included Fed & State Tax Withheld

Hi AmyC,  

The Fed & State Tax Withheld funds were from the Traditional IRA acct so I should choose 'No'?  

Thank you so much! 

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