ROTH conversion in Turbo Tax

[Jerry1]

I don't have my 1099R's yet so maybe that will answer the question, but I want to enter my ROTH conversion in Turbo Tax and having never done so, have a few questions. I moved $10K from my Trad IRA to my ROTH.

Will I get a 1099R? I assume I will get one to show the distribution out of the Trad IRA. Weren't those due by January 31st?

Will I get anything reporting the money going into the ROTH other than the year end statement of the ROTH?

For Turbo Tax
Do I put anything into Turbo Tax other than the $10K distribution out of the Trad IRA? Will I need to report the money going into the ROTH?

Thanks.

 

[zinger1457]

You will get a 1099R showing the IRA distribution and a 5498 showing the ROTH conversion.

 

[RetiredAndLovingIt]

You should get a 1099-R for the withdrawal., I think mine was coded as a normal distribution code 7. When I entered it in Turbo Tax it, it asked if I inherited it then it asked what I did with the money and I checked that I moved it to another retirement account and checked the option I converted it all to a Roth IRA and that was it. I have not received anything for the Roth deposit. I was surprised how easy it was however I am still waiting for another form to be ready on the 12th to complete my tax return and it's IRA related.

 

[Jerry1]

See, I thought those 1099’s (R’s) were supposed to be out already. I haven’t got one. I’ll contact the brokerage (Raymond James). Thanks.

 

[SumDay]

I did Roth conversions, and have downloaded my 1099-R's from Vanguard. No 5498 though...

From Vanguard's website:

"Why you might receive one
You'll get a 5498 if you owned a retirement account (like an IRA or employer-sponsored plan account) and:

Made a contribution (including catch-up contributions) to an IRA between January 1, 2019, and April 15, 2020.
Converted to a Roth IRA.
Completed a rollover into an IRA.
Recharacterized a contribution.
While Vanguard sends a copy of this form to the IRS, it generally isn't necessary when you're preparing your tax returns.

However, it may be used the following year to help determine whether or not you need to take a required minimum distribution (RMD).

When it will be ready
Mid-May (for all account types).

Why May? Because contributions can be made until April 15 for the previous tax year."

I guess it really isn't necessary if you don't get it until May.

 

[Alan]

I have done several in TurboTax, all with Vanguard 10099-R’s.

The distribution code (box 7) is always 07. TurboTax will ask what you did with the money and one of the options is to move it into a Roth.

You will be asked the basis of your IRA and if it is non-zero enter that.

You will be asked the total of all your traditional IRAs as of Dec 31, 2019 if the basis of your IRAs is non-zero.

 

[Midpack]

I downloaded my 1099R and 5498 from Vanguard a few weeks ago. And TurboTax handled my 2019 TIRA distributions, Roth conversion, small TIRA basis and small withholding (not on Roth conversion) with ease. The step by step walks you through everything including Roth conversion.

It shows my new TIRA basis for 2020, and I’m sure that’ll carryover.

Vanguard split my 1099R to reflect the amounts for two states (we were partial year residents in both), and TurboTax also correctly allocated my distribution and conversion for both states.

It all works perfect in TurboTax IME.

 

[grasshopper]

What Alan said, easy as long as you didn't have taxed dollars mixed in.

 

[Jerry1]

Thank you all. That will allow me to enter the data while I track down the 1099R. It may come out on 2/15, but I did think the 1099R’s were to be sent out by now, so I’ll contact RJ tomorrow.

 

[N02L84ER]

The distribution code is 07 if you were older than 59.5 when you did the conversion. It will be 02 if you were under 59.5.

 

[Jerry1]

The distribution code is 07 if you were older than 59.5 when you did the conversion. It will be 02 if you were under 59.5.

Thanks. I’m under 59.5.

 

[RetireBy90]

I got several as mom passed last year and some of the funds she passed were partially taxable income. I also did a distribution from TIRA and did conversions to Roth. Mom’s came in mail, but my distorted and the conversions I downloaded from brokerage (Fidelity). You may check on RJ web site for statements and then tax statements.