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
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