Backdoor Roth and Turbotax 1099-R

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Anon64
Posts: 35
Joined: Wed Dec 20, 2017 7:38 pm

Backdoor Roth and Turbotax 1099-R

Post by Anon64 » Mon Feb 19, 2018 3:48 pm

Hi,
Can someone tell me what I am doing wrong on Turbotax? Whenever I enter the information on my 1099-R and answer questions about the conversion to a Roth, I still get Federal and State tax taken out.

I'm using Capitalone Investing and this is the info on my 1099-R:
Box 1: 5500
Box 2a: 5500
Box 2b: Taxable amount not determined
Box 7: 2
IRA/SEP/SIMPLE (X)

Thanks!

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tfb
Posts: 7947
Joined: Mon Feb 19, 2007 5:46 pm
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Re: Backdoor Roth and Turbotax 1099-R

Post by tfb » Mon Feb 19, 2018 4:41 pm

Anon64 wrote:
Mon Feb 19, 2018 3:48 pm
Can someone tell me what I am doing wrong on Turbotax? Whenever I enter the information on my 1099-R and answer questions about the conversion to a Roth, I still get Federal and State tax taken out.
You didn't realize the running meter in the interim isn't the final answer until you run the program to its end. The taxes taken out will drop at a later point.
Harry Sit, taking a break from the forums.

Anon64
Posts: 35
Joined: Wed Dec 20, 2017 7:38 pm

Re: Backdoor Roth and Turbotax 1099-R

Post by Anon64 » Mon Feb 19, 2018 4:52 pm

Thanks. You are correct that I did not get all the way to the end.

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