FORM 1099-R INFORMATION WORKSHEET

[Shirley79]

On the Form1099-R Worksheet, line B 4, ProSeries calculates how much of a distribution can be converted to a Roth.  I don't understand where this figure is coming from.  I thought you could convert as much as you want from a Traditional IRA to a Roth. 

I appreciate your thoughts.

[TaxGuyBill]

Are you saying that the number is less than Box 1 of the 1099-R?

If so, can you give the other details about the 1099-R (which boxes are filled in, which boxes are checked and what code in Box 7)?

[Just-Lisa-Now-]

if you had a non-deductible IRA basis, that would reduce the taxable portion of this distribution, and reduce the amount that could be converted?

[Shirley79]

The 1099-R is $75,412.    B 4 of the 1099-R worksheet calculates to $46,030.   I converted $50,000.

Box 1 and 2 of the 1099-R are the same.  Box 4 has the tax withheld.  Box 7 code is 7.  It's an IRA.

[Shirley79]

The non-deductible IRA amount is $329 - from the 8606.

[Just-Lisa-Now-]

How much in withholding?  maybe it adjusts for that since that couldn't be included in the conversion?

[TaxGuyBill · Accepted solution]

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@Shirley79 wrote:

The 1099-R is $75,412.    B 4 of the 1099-R worksheet calculates to $46,030.   I converted $50,000.

Box 1 and 2 of the 1099-R are the same.  Box 4 has the tax withheld.  Box 7 code is 7.  It's an IRA.

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That is really odd, and I can't replicate what you are seeing.

Have you tried deleting the 1099-R worksheet and re-entering it, in case there is some weird glitch with it?

[Shirley79]

WH is $14,732

[Shirley79]

I'll try that.

[Shirley79]

Deleting the 1099-R and re-entering took away the amount on B 4 that I was questioning.  I did have to override line 59 of the IRA Information worksheet with the amount of the conversion, but that's ok with me.

Thank you so much for the suggestion.