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Entering a conversion of a traditional IRA to a Roth IRA in ProConnect Tax
by Intuit•2• Updated 7 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:
- Go to Input Return ⮕ Income ⮕ Pensions, IRA's (1099-R).
- If not already entered, enter the 1099-R information on the grid.
- Enter the full distribution (including conversion and recharacterization amounts) in (1) Gross distribution.
- Enter the taxable distribution in (2a) Taxable amount.
- Check the box labeled (7) IRA/SEP/SIMPLE.
- Select the blue Details button.
- From the top of the screen, select Form 8606.
- Locate the Form 8606 section.
- 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.
- From the left of the screen, select Deductions and choose Adjustments to Income.
- Under Traditional IRA section, locate the Form 8606 (Part I) subsection.
- 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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