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Question

Roth Conversion 1099-R Entries

Forum|Forum|3 years ago
February 25, 2023
2 replies
0 views

I converted $50K from a traditional IRA to a Roth IRA. I received two 1099-R forms from Raymond James. One 1099-R shows a gross distribution of $8139, a taxable amount of $8139 and a withholding of federal and state taxes that add up to $8139. The other 1099-R has a gross distribution of $50K, a taxable amount of $50K and no federal or state tax withheld. Both forms have box 2b check and box 7 code 7 and IRA/SEP/SIMPLE checked. How do I answer the TurboTax desktop questions, "what did I do with the money" and subsequent questions for each 1099-R?

The 1099-R for the $50K is the rollover so you must indicate that you rolled over this one. The second 1099-R is the additional distribution from your traditional IRA that was made to cover the income taxes on the $50,000. This one should not be indicated as rolled over. Because this is a regular distribution , you may (depending on if you have any traditional IRA basis) owe income taxes on this amount only, and if you do not qualify there may be an early withdrawal penalty.

hessleAuthor

I'd like to know if the screen below is correct for the $50K 1099-R:

And the screen below is correct for the $8139 1099-R:

hessleAuthor

I have not received a response to my question. I would like to know if the above two screen shots are correct.

Employee

" I received two 1099-R forms "

is this what you asked them to do?

You don't have to take the tax from your IRA, you can pay that out of a savings account.

Too late now.

BUT

If it is a custodian error, it may be reversible.