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Roth conversion taxed over N years?

puravidapto
Level 5

To spread the Roth conversion over two years is only a one time deal in 2010?

In 1099-R "less common" input screen, I found "Elect not to average over three years", this is only applicable to Qualified Coronavirus-Related distribution?

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qbteachmt
Level 15

"only a one time deal in 2010?"

Yes. I seem to recall we reported it for 2010, 2011 and 2012 as "carryover rule." That wasn't related to disaster.

"In 1099-R "less common" input screen, I found "Elect not to average over three years", this is only applicable to Qualified Coronavirus-Related distribution?"

Yes; look at form 8915-E. The default there is "over three years" so the Option is, "I report it all and pay the taxes in full for 2020."

And there is the provision for three-year repayment, as well, which means you amend from 2020, forward.

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qbteachmt
Level 15

"only a one time deal in 2010?"

Yes. I seem to recall we reported it for 2010, 2011 and 2012 as "carryover rule." That wasn't related to disaster.

"In 1099-R "less common" input screen, I found "Elect not to average over three years", this is only applicable to Qualified Coronavirus-Related distribution?"

Yes; look at form 8915-E. The default there is "over three years" so the Option is, "I report it all and pay the taxes in full for 2020."

And there is the provision for three-year repayment, as well, which means you amend from 2020, forward.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post