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bladelink1
Level 2

Taxed twice on Roth contribution?

I did a conversion from a traditional IRA to a Roth this year. When I enter the distribution amount from the traditional IRA, my tax bill goes up.  Then later, TurboTax asked if I contributed to a Roth IRA. I entered the same amount there, and my tax bill went up again. Seems to me like I'm being taxed on the amount twice.

So my question is whether I need to enter it twice, or if when entering the 1099-R, I indicate (as asked) the amount of the distribution that was converted to a Roth, is that sufficient?

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Taxed twice on Roth contribution?

No do not enter it again as a contribution!  A rollover or conversion is not a new contribution.  Just enter it from the 1099R, nowhere else.

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2 Replies
VolvoGirl
Level 15

Taxed twice on Roth contribution?

No do not enter it again as a contribution!  A rollover or conversion is not a new contribution.  Just enter it from the 1099R, nowhere else.

bladelink1
Level 2

Taxed twice on Roth contribution?

Thanks for the quick and helpful reply! I was hoping that was the case. Much appreciated!

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