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January 13, 2020
Question

I moved $50000 from my Traditional IRA to my Roth IRA, but did not move the full amount in my Traditional IRA. Where do I input Turbotax info for this?

  • January 13, 2020
  • 2 replies
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2 replies

Employee
January 13, 2020

Assuming that you did this in 2019, near the end of January 2020 you'll receive a Form 1099-R reporting the distribution from the traditional IRA.  You'll enter this form into TurboTax under Personal Income -> Personal Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plans (1099-R), then answer the follow-up questions to indicate that you moved the money to another retirement account and that you converted the money to Roth.  Also be sure to click the Continue button on the Your 1099-R Entries page and answer the additional follow-up questions.

Critter
Employee
January 13, 2020

You enter the 1099-R as printed in the 1099-R entry screen and then complete all the following screens to indicate the partial conversion.  Just follow the interview screens. 

 

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.