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Confusedreturn
Returning Member

Ira Conversion

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.

5 Replies
macuser_22
Level 15

Ira Conversion

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.**
Confusedreturn
Returning Member

Ira Conversion

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
Level 15

Ira Conversion


@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?

 

Screen Shot 2021-03-09 at 10.08.19 PM.jpgScreen Shot 2021-03-09 at 10.08.48 PM.jpgScreen Shot 2021-03-09 at 10.09.13 PM.jpgScreen Shot 2021-03-09 at 10.09.31 PM.jpg

Screen Shot 2021-03-09 at 10.12.52 PM.jpg

**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.**
Confusedreturn
Returning Member

Ira Conversion

The short answer is no, I did not do it that way. I have a value of 2 for Box 7 and never got the screens you listed. 

 

Confusedreturn
Returning Member

Ira Conversion

Form 1040 line 4a is fine but line 4b says rollover.

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