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Level 2

Question

Roth transfer

12 replies
47 views

How do I report a transfer from a Roth to a standard IRA. Is it done on form 8606 part 1 or in some other way?

Alumni - Champ

@FLfiler21 wrote:

How do I report a transfer from a Roth to a standard IRA. Is it done on form 8606 part 1 or in some other way?

Explain what you mean. You cannot "transfer" money form a Roth to a Traditional IRA. You can recharacterize Roth contributions to be treated as Traditional IRA contributions if done before the due date of the tax return for the year that the contributions was for.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

FLfiler21Author

Level 2

I had a distribution from an IRA. I then had a distribution from my Roth which I deposited into the IRA with the goal to minimize the taxes due from the original IRA distribution. Turbo tax recognizes the original IRA distribution but doesn’t recognize the money added back to the IRA which came from the Roth distribution.

Level 15

"I deposited into the IRA with the goal to minimize the taxes"

This can work only if you are eligible for a deductible IRA contribution,

and you had wages of at least the amount you are contributing.

It doesn't matter that you took Roth money to do it.

FLfiler21Author

Level 2

Is that true even if you put the money back into the IRA within 60 days if the first distribution from the IRA?

Is this then a "nondeductible contribution to an IRA" reportable on part 1 of form 8606?