in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill (OBBBA)
I transferred funds from my IRA to my Roth IRA. Both accounts are help at the same brokerage firm.
I have the 1099-R which I have entered in TTax Premier. However, I have not found anyplace to indicate that it was a conversion, not a rollover (as defined in the TTax Help page). Right now it is not charging me any tax on the amount which I know to be incorrect.
How do I correct this?
You'll need to sign in or create an account to connect with an expert.
When entering the Form 1099-R, on the page that asks what you did with the money indicate that you moved the money to another retirement account, that you did a combination of rolling over, converting and cashing out, then indicate the amount moved to the Roth IRA. If necessary, delete and reenter the Form 1099-R.
Here is a link for the steps to do that in TurboTax.
When entering the Form 1099-R, on the page that asks what you did with the money indicate that you moved the money to another retirement account, that you did a combination of rolling over, converting and cashing out, then indicate the amount moved to the Roth IRA. If necessary, delete and reenter the Form 1099-R.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
dwitkow08873
Level 1
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill (OBBBA)
Click
Level 5
michelleb193
Level 1
dwitkow08873
Level 1
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill (OBBBA)
jklmnop96
Level 1
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill (OBBBA)