Ira Conversion

Forum|Forum|5 years ago
March 10, 2021
1 reply
3 views

In 2020, I converted my IRA to a ROTH IRA. I only have 1 IRA. TurboTax said none of the proceeds, not just the 10% penalty, were taxable. The IRA was not inherited and no form 8606 was generated.

macuser_22

Alumni - Champ

What code is in box 7.

What is in box 2a?

Is the IRA/SEP/SIMPLE box checked?

Did you it in the 1099-R section and say you "moved: the money, then did a combination if things and entered the amount converted into the lower box?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

ConfusedreturnAuthor

Level 2

Thanks Champ for the follow-up. Here is the info:

Box 7 = 2

Box 2a = equal to box 1 (don't want to give an exact amount as that should not matter)

Ira/Sep/Simple = checked

I don't follow your question regarding "moved:". I use the desktop version of TurboTax and am not sure what you are referring to. I answered the question that I moved it to another retirement account and move all the money. Once I entered the 1099-R, turbotax said I would not be taxed on it. When I answered the questions that I oved the entire amount TT again said I owed no taxes on it.

macuser_22

Alumni - Champ

@Confusedreturn wrote:

Thanks Champ for the follow-up. Here is the info:

Box 7 = 2

Box 2a = equal to box 1 (don't want to give an exact amount as that should not matter)

Ira/Sep/Simple = checked

I don't follow your question regarding "moved:". I use the desktop version of TurboTax and am not sure what you are referring to. I answered the question that I moved it to another retirement account and move all the money. Once I entered the 1099-R, turbotax said I would not be taxed on it. When I answered the questions that I oved the entire amount TT again said I owed no taxes on it.

Did you enter it this way?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**