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April 11, 2024
Question

How do you enter a traditional ira to roth conversion in TurboTax?

  • April 11, 2024
  • 2 replies
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I would think this would be easy, but I can't find instructions on how do you enter a traditional ira to roth conversion in TurboTax? The traditional IRA is all pre-tax money. I am 55 years old. I expect TurboTax to show that I will have to pay federal income tax on converted amount.

    2 replies

    ab127Author
    April 11, 2024

    Just to be clear, this is not a backdoor Roth converison. It is taking money from an existing traditional IRA and converting it to a Roth IRA. 

    April 11, 2024

    Please follow these steps to enter the Form 1099-R for the conversion: 

     

    1. Click "Federal Taxes" on the top and select "Wages & Income"
    2. Click "I'll choose what to work on"
    3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
    4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
    5. Enter the information from your 1099-R
    6. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
    7. Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
    8. Continue through the questions.
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    December 16, 2024

    Which TurboTax Product/s can handle Traditional IRA moving to Roth IRA?

    VolvoGirl
    December 16, 2024

    All versions, even the Online Free Edition.  And all the Desktop programs.