Roth conversion tax

[Tw49]

Hello! I recently completely a IRA rollover (401k to IRA) and then processed a roth conversion of the entire balance. How do i document when I file taxes? What percentage should I expect to be taxed? 

[AnthonyC_CPA]

Hi Tw49,

  Thank you for reaching out to Intuit's TurboTax Ask the Experts Event!  If you converted money from a 401K/Traditional IRA to a Roth IRA you will need to pay taxes on the amount converted for the year that the money was invested in the Roth IRA.  The custodian of the Traditional IRA will provide you a 1099R which you will need to use when preparing your tax return.  The amount converted would get added to all other taxable income to determine how much tax that you would owe.  It is possible that the conversion to a Roth IRA would move you to a higher tax bracket this year.  However you will not have to pay taxes on distributions from the Roth IRA in the future.

  Have a great day!

AnthonyC_CPA