my husband did a Roth conversion from his ira (Schwab acct ) . The conversion was 50,000 and 6000 of it went to taxes. So do you put 44,000 as the amount that was put in the Roth since 6000 was for fed taxes?
You'll need to sign in or create an account to connect with an expert.
also the question asked if he moved it to another retirement account or did he do something else ( like cashed it out). So if it is going into a Roth then it would be the first question ??? I hate to assume.
Yes, if you didn't replace the withheld taxes then the conversion amount is $44,000.
Yes, you will select “I moved it to another retirement account” and then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
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.
TomDx
Level 2
mccoymolly
New Member
ndimitru
Level 1
taxn00b123
Level 1
krishk24
Returning Member