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I've just done our taxes using TurboTax and am wondering about something. 2020 was the first year that we converted money from a Traditional IRA to a Roth. TT is reporting this correctly as a taxable distribution, but I guess I was expecting it to ask or note somewhere that this was a Roth conversion and I'm not seeing anything like that. Is that really necessary or am I overthinking? DH and I are both in our early 60's, and this particular conversion was for him. Is there something else I need to be doing relative to this conversion? We will be doing these for the next few years focusing on him first since he's a year older and then doing mine.

I know there's a 5-year clock on conversions, but I seem to recall that since we are over 59 1/2, we don't have to worry about that. Or am I mangling that somehow?

Just looking for some clarification.
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DH converted his Traditional IRA to a Roth IRA in 2020, and the 1099-R from Fidelity shows:
Boxes 1 & 2, Amount.
Box 2b, "Taxable amount not determined" and "Total distribution" both checked.
Box 7, Distribution code 7
IRA/SEP/SIMPLE box checked.

So I entered all that into TT. Btw, I have TT Premier. TT then asked a 3-part "What did you do with the money?" to which I answered that DH:
- Moved it to another retirement account,
- Did a combination of rolling over, converting, or cashing out,
- Entered the amount converted to a Roth IRA (which was, in his case, the total amount from boxes 1 and 2 on the 1099-R)

Btw, his situation is simple because all his IRA contributions were deductible, so the entire distribution was taxable. Some Traditional IRA's include some non-deductible contributions, which TT asks about, but I didn't get into that.

I don't know why you're not getting the Roth question.
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So I entered all that into TT. Btw, I have TT Premier. TT then asked a 3-part "What did you do with the money?" to which I answered that DH:
- Moved it to another retirement account,
- Did a combination of rolling over, converting, or cashing out,
- Entered the amount converted to a Roth IRA (which was, in his case, the total amount from boxes 1 and 2 on the 1099-R)


Thank you. That was it. I had missed checking that box, and so I never got to the following screen. I have it now, and it generated the proper form, so all is good, and it looks like I can eFile now.

I knew I was missing something, and I knew the folks here would figure it out.
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I've just done our taxes using TurboTax and am wondering about something. 2020 was the first year that we converted money from a Traditional IRA to a Roth. TT is reporting this correctly as a taxable distribution, but I guess I was expecting it to ask or note somewhere that this was a Roth conversion and I'm not seeing anything like that. Is that really necessary or am I overthinking?

I also did a Roth conversion in 2020, along with a partial transfer from 401k to an IRA at a different trustee. On top of that, because some small amount of money in the 401k was after tax money, I was obligated to take out a tiny amount of "already taxed" money in proportion to the amount I rolled to the IRA. Like you, I'm over 59.5, so not subject to penalties (which ought not to apply here anyway).

TT imported the three items from Fidelity, and correctly classified the one as taxable and the other two as not taxable events. So, if you're getting the right mathematical answer, I believe TT is doing the correct things behind the scenes. Sometimes you can check the "Works" or certain forms to follow the money and see how a downstream form came up with the result it did.
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