Silly question?: Roth Conversion Amount

Forum|Forum|2 years ago
April 10, 2024
2 replies
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I converted $76k from a traditional IRA to a Roth IRA. Taxes withheld were some $26k. @ When TurboTax asks "amount converted to a Roth IRA account," is the amount $76k or $50k? Thanks.

Best answer by Bsch4477

See @dmertz

Bsch4477Answer

Employee

See @dmertz

dmertz

Employee

If you did not replace the $26k with funds from another source so as to deposit the entire $76k into the Roth IRA, you only converted $50k.

JiminWashDCAuthor

Thanks, dmertz. That was my first inclination. But see the first response above. That was my second inclination. Frankly, it was TurboTax's wording that made me second-guess my first thought: "We'll assume that everything that wasn't rolled over or converted was cashed out or wound up somewhere other than a retirement account." I guess, under further reflection, Uncle Sam's pockets are considered somewhere other.