Converted money from Traditional IRA to a Roth IRA and it is not showing correctly as being taxable

Forum|Forum|2 years ago
February 15, 2024
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Last year I converted $10k from my Traditional IRA to my Roth IRA and it showed up on Form 8606. This year I am using the Turbotax Desktop version and it's not showing a Form 8606. On my 1099-R, Box 7 has code 2 and IRA/SEP/Simple marked. I'm not sure how to fix this. I imported everything from my broker.

TurboTax Home & Biz Windows

Best answer by dmertz

The result implies that you did not report the traditional IRA distribution as having been converted to Roth by answering during the entry of the Form 1099-R that you moved the money to another retirement account, that you did a combination of rolling over, converting and cashing out, then entering the amount in the box for Roth conversions.

dmertzAnswer

Employee

meanjeanslo88Author

Thank you! I figured that out, too. I went back in to see where I had messed up and was able to fix it so that now it shows correctly. For anyone else who may have done this, here is where I messed up and how I fixed it.

Retirement Plans and Social Security > IRA, 401k, Pension Plans Withdrawals

> Edit the 1099-R that isn't reporting correctly

Complete the 1099-R like it shows on the form received, then press CONTINUE

Is 1099-R for a contribution my Employer made? - NO

Did I inherit 1099-R from TD Ameritrade? - NO

What did you do with money from TD Ameritrade?

[x] I moved the money to another retirement account

[x] I did a combination of rolling over, converting, or cashing out

Tell us how much of $5000 you moved to an IRA, 401k, or other retirement account

Amount rolled over or back to retirement account: $0

[x] Amount converted to a Roth IRA: $5000

Did you put this money from TD Ameritrade in a Health Savings Account HSA? - NO