1099-R Taxable Issue

Forum|Forum|1 year ago
February 16, 2025
1 reply
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Hello Everyone,

I have a 1099-R that has a 14000 value in box 1, 2b, and 2c is checked. My return is showing 7000 as my tax basis, but it should be $0 as its all conversion to Roth

How can I solve this? If i enter the 1099-R as is, this continues to be the tax liability assessed

Thank you!

KrisD15

Level 15

To clarify, Was this traditional IRA to Roth

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JPGup90Author

Level 2

Yes that is correct

JPGup90Author

Level 2

Please clarify your question.

What is the number in Box 2a?
What is the code in Box 7?
Did you get a full deduction on the original contribution to the Traditional IRA?
- Did you have a non-deductible portion from the Traditional IRA?

Please contact us again to provide some additional details.

Box 1 and 2A are $14455.24. Box 2b is checked and the IRA/SEP/SIMPLE is as well. Distribution code is 2.

In 2023 I contributed the full $6500 into a Roth. Later I realized I had to much income and recharacterized to traditional in 2024 (before filing 2023 taxes). No deductions taken for any of the contributions

On top of the 1099-R I am mentioning, I do also have another for the recharacterization with 7440.63 in box 1, 0 in box 2a, unchecked box 2b, distribution code R.

My 1040 shows my taxable amount on IRA distribution to be 7440.63