8606 Line 7 should not contain Roth conversion dollars from a trad IRA distribution in it.

Forum|Forum|2 years ago
March 27, 2024
1 reply
0 views

How do I tell TT not to include Roth conversion amounts from a Trad distribution on 8606 line 7? TT asked about charitable QCD amounts but does not ask for Roth conversion amounts which should be reported on 8606 line 8 separately. The result is my 8606 line 7 is overstated and line 8 is blank. Thanks for helping me with this puzzle.

Best answer by DanaB27

Please be aware, you cannot rollover or convert a RMD. Therefore, if you indicated that all of your distribution was a RMD then the question for the conversion will not come up.

Click "Federal Taxes" on the top and select "Wages & Income"
Click "I'll choose what to work on"
Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)"
Enter the information from your 1099-R
Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
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"

DanaB27Answer

Please be aware, you cannot rollover or convert a RMD. Therefore, if you indicated that all of your distribution was a RMD then the question for the conversion will not come up.

Click "Federal Taxes" on the top and select "Wages & Income"
Click "I'll choose what to work on"
Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)"
Enter the information from your 1099-R
Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
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"

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

The14meAuthor

DanaB27, I just wanted to thank you for the answer you sent. I ended the day yesterday not knowing the next step. When I started later today, I was really happy to see your answer. It really did make my day and the taxes are now completed and smart checked. I did notice that you sent me the email at 4 AM today. I hope you get a raise or some other recognition for the help you provided. I would give you 5 stars if I knew where to do that review. I will look around a little bit to see what I can find.