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Entering a conversion of a traditional IRA to a Roth IRA in ProConnect Tax

by ProConnect Tax Online Updated 2 months ago

This article will assist you with reporting a traditional IRA distribution that was conversation into a Roth IRA in Intuit ProConnect.

Follow these steps to enter a conversion of a traditional IRA to a Roth IRA:

  1. Go to Input Return Income Pensions, IRA's (1099-R).
  2. If not already entered, enter the 1099-R information on the grid.
  3. Enter the full distribution (including conversion and recharacterization amounts) in (1) Gross distribution.
  4. Enter the taxable distribution in (2a) Taxable amount.
  5. Check the box labeled (7) IRA/SEP/SIMPLE.
  6. Select the blue Details button.
  7. From the top of the screen, select Form 8606.
  8. Locate the Form 8606 section.
  9. Enter the distribution being converted to a Roth IRA in the Traditional/SEP/SIMPLE IRA distributions converted to Roth IRA field.
    • Any taxable amount of the traditional IRA distribution will be calculated on Form 8606.
  10. From the left of the screen, select Deductions and choose Adjustments to Income.
  11. Under Traditional IRA section, locate the Form 8606 (Part I) subsection.
  12. Enter the IRA basis for 2022 and earlier years.
    • This will be the basis for the traditional IRA.
    • If the amount of the basis is equal to or greater than the distribution amount, there should be no taxable amount on the Form 1040, line 4b.
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