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