kwthetaxguy
Level 2
06-03-2021
12:57 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
So, if your client converts their nondeductible IRA to a Roth and they receive a 1099-R, how do you handle? Do you allocate based on the pro-rata rule or do you enter the entire amount as taxable on the return and call it a day? I've read on other sites that some folks go back and file form 8606 for years that they did not report the nondeductible contributions; however, with 15 years of preparing this client's tax returns, this is the first year I've received ANY information on their retirement accounts.