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1099-R shows taxable amount as full amount even though it was converted to a Roth IRA. How do I correct in Turbotax?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Deluxe Online

Best answer by KenH1

When you convert to a Roth, the entire balance is taxable (unless the account included non-deductible contributions) but there are no early withdrawal penalties.

Enter the 1099-R exactly as printed. When you land on the 1099-R summary screen, select continue.

The software will ask a series of questions about "What you did you do with the money?" including Roth conversion questions.

K

KenH1Answer

Employee

When you convert to a Roth, the entire balance is taxable (unless the account included non-deductible contributions) but there are no early withdrawal penalties.

Enter the 1099-R exactly as printed. When you land on the 1099-R summary screen, select continue.

The software will ask a series of questions about "What you did you do with the money?" including Roth conversion questions.

D

dksgrsAuthor

Does it matter if the IRA contribution was post tax and was converted within a week? I contributed $5500 to the IRA and converted only $5200 because the IRA lost $300 in that time.