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Category: 1099's

How do I report my conversion from a Traditional IRA to a Roth IRA?


Traditional Individual Retirement Agreements (IRAs) can be converted to a Roth IRA, however these conversions are taxable transfers.  In order to report a conversion, the taxpayer will be issued Form 1099-R showing the total distribution made from their Traditional IRA account. 


The full distribution does not need to be converted to a Roth IRA, however, any amounts not converted are subject to additional taxes and penalties.  Conversions must be reported on Form 8606, Part II.  Form 1099-R must be entered into the tax program before the TaxSlayer program will populate Form 8606.


Within the TaxSlayer program, please click on Federal Section > Income > IRA/Pension Distributions Form 1099-R / RRB, SSA > Add or Edit a 1099-R