IRA information Worksheet, Part V asks about "conversion contributions taxable and not taxable at conversion". I obviously paid taxes on the distribution and contributed the net amount to the Roth. Which of these two categories does the net amount go into? I know that TT is trying to track basis for the 5-yr rule. Just don't get the taxable and not taxable bit. Thanks!
Your question implies that the entire distribution from the traditional account was taxable. This means that the net amount converted to Roth is the amount that was taxable at conversion.
You would only have amounts that were nontaxable at conversion if you converted basis in nondeductible traditional IRA contributions or if you rolled over to a Roth IRA after-tax money from an employer plan.
Your question implies that the entire distribution from the traditional account was taxable. This means that the net amount converted to Roth is the amount that was taxable at conversion.
You would only have amounts that were nontaxable at conversion if you converted basis in nondeductible traditional IRA contributions or if you rolled over to a Roth IRA after-tax money from an employer plan.