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Roth conversion and TurboTax question
Old 03-18-2023, 01:47 PM   #1
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Roth conversion and TurboTax question

I did a conversion from Trad IRA to Roth IRA this year for my wife (64 year old). She made no other contributions to any IRAs in 2022. I'm trying to figure out how to deal with this in Turbotax.

In the income section of Turbotax I have entered the Gross Distribution and Taxable Amount shown on her 1099-R. It then shows as income in the program. I understand this.

Then, in the deductions section of TurboTax, I am asked if my wife made a contribution to a Trad or a Roth IRA in 2022. How is this to be answered? My thinking is that this section does not include such conversions.

Anyone know more that me on this?

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Old 03-18-2023, 02:06 PM   #2
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Right, you did a conversion to the Roth, not a contribution. So the answer is No.
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Old 03-18-2023, 02:08 PM   #3
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I just checked my return and I answered no (I also had 1099 roth conversions). I don't remember how much digging I did on this at the time (I filed my return quite a while ago).
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Old 03-18-2023, 02:11 PM   #4
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Originally Posted by RunningBum View Post
Right, you did a conversion to the Roth, not a contribution. So the answer is No.

very grateful for the response. Thanks.
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Old 03-18-2023, 02:11 PM   #5
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In the income section, select the option that you moved the money to another retirement account, and then when the next question appears choose the "combination of rolling over, converting, or cashing out". Then proceed through the questions about whether you made any non-deductible contributions to the IRA in the past.

Don't make any entries in the deductions section unless you made a separate contribution.
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Old 03-18-2023, 04:25 PM   #6
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A few years back I used TurboTax, entered the Roth conversion information somehow I did not enter it correctly and it did not generate a form 8606.
The following year I decided to quit doing TurboTax and do it manually. Since the prior year didn't generate a form 8606 I looked at it and the form title was "non deductible contributions" which I didn't have so I didn't generate that form for that year either.
Well turns out on page two of that form it just wants Roth conversion information regardless of whether it came from deductible or not deductible contributions in the traditional IRA.
So if the irs catches it, for 2 years we'll have to pay a fee for not filing that form.

** If you do a roth conversion, you have to file 8606 to report it.**
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