Question

1099 R Amount converted to a Roth IRA Account

Forum|Forum|2 years ago
April 4, 2024
2 replies
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Converted from a Simple IRA to Roth IRA I'm asked on input form by TurboTax:

Tell us how much of the $ xxxx you moved to an IRA, 401(k) or other retirement account:

Amount converted to a Roth IRA: Here do I input all gross distribution or that minus Federal Income tax?

Thanks

M

mglauner

Enter the total distribution amount shown in Box 1 on your 1099-R, if you converted it to a Roth IRA.

The amount withdrawn from your traditional IRA must equal the amount you deposit in your Roth IRA. If taxes were withheld, you must make up the difference or the missing amount will be treated as a taxable distribution and could also be subject to penalties if you are under the age of 59 1/2.

Here's more info on IRA to Roth Conversion.

D

dmertz

Employee

Enter only the amount that was deposited into the Roth IRA. If you did not substitute other funds for the portion withheld for taxes so as to complete the rollover of the entire distribution, the portion withheld for taxes was not converted to Roth. (@mglauner is incorrect in saying that you were required to convert the entire distribution but is correct in saying that any portion not deposited into the Roth IRA is subject to tax and potential early-distribution penalty.)