Roth conversion form 8606

[Bill4209]

In 2024 I converted 11k from traditional IRA to my Roth account. My brokerage 1099R only shows total distribution amounts, not a conversion number. I did not pay tax on the conversion because I will have a larger tax return then the tax on  the converted funds. On the conversion, only positions of stock were transfered, not converted to cash & cash moved to Roth. Form 8606 seems to be the proper form, does part 1 have to be filled out or only part II. Which lines would I list the 11K & zero tax amount.

Thank you,

Bill

[baldietax · Accepted solution]

When you put in the 1099-R in the interview steps there should be questions about how much was for a rollover to a Roth, which should flow through to the 8606 in Part 1 Line 8, and/or Part 2 Line 16.  You can see this on the 1099-R in Forms view if you scroll further down to "additional distribution information'.

On the 8606, Part 1 is used to track your basis in your IRA(s) if you made non-deductible contributions (and carry it over from year to year in Turbotax).  If you do have a basis it calculates the proportion of your Roth conversion that is taxable and your remaining basis to carry forward, and this flows into Part 2 to calculate the final taxable amount in Line 18.

At some point you'll get a Form 5498 for the Roth that will confirm the rollover amount but you don't need that for filing (you may get one now, and/or in May since the deadline for Roth conversions is April 15).