2020 IRA contribution--Transfer from Traditional IRA into Roth IRA

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February 20, 2021
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For the purpose of step-by-step answers to TurboTax questions, "Does a 2020 transfer of funds from a traditional IRA into a Roth IRA constitute a '2020 Roth IRA contribution'"?

TurboTax Home & Biz Windows

D

DanaB27

No, a conversion from a traditional IRA to Roth IRA is not a contribution to the Roth IRA. Do not enter the amount as a contribution under the Deduction & Credit section. Please follow these steps to enter your 1099-R and conversion:

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”