Traditional IRA Conversion to Roth IRA & Form 8606

[khorshed]

A client in his late 70's converted $40K from Traditional IRA to Roth IRA. Ameriprise issued him a 1099R with code 7 in Box 7, they sent him a letter telling to report the conversion on Form 8606.

My questions are:

Is code 7 correct in conversion from IRA to Roth?

How to get Form 8606 populated? 

[Just-Lisa-Now- · Accepted solution]

Enter the 1099R as its shown, then scroll down the 1099R worksheet to the ROTH conversion area.

[khorshed]

You're one of a kind, and best of the best

Thank you so much

[sjrcpa]

She sure is.

[BJVM980066]

I go to page where I have entered my 1099rs...but don't have a way to scroll down to a worksheet..can you help?

[Just-Lisa-Now-]

If you cant see the scroll line down the right side of the screen, sounds like a display issue of some sort...can you just keep hitting the ENTER button until it scrolls down the page, or maybe your mouse wheel will let it scroll?

[qbteachmt]

@BJVM980066 

You started your own topic, and put it as ProConnect:

https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/can-someone-help-me-co...

Not as ProSeries? These are different programs.

[BJVM980066]

where is the input for 'value of all iras at year end?" its line 6 on 8606 and there doesn't seem to be a request for that info at that locat. This might be it was supposed to be input someplace else and then prepopulate on 8606, but whee? bj

[qbteachmt]

@BJVM980066 

If you are using ProConnect, you should go to your own topic, as you are being answered there and even provided with images.

https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/re-can-someone-help-me...

This topic would be for using ProSeries. A different animal.

[MamaTToo]

I have done that and marked the entire amount or $25,000 as being converted to a Roth.  The software calculated the taxable amount as $999.  Why isn't it the full $25,000?

Thanks in advance.

[qbteachmt]

"I have done that"

Done that, which part? This topic is not for tax year 2021 software. It's from ProSeries for preparing 2020 tax year filing. Is that what you are doing: 2020? ProSeries?

"and marked the entire amount or $25,000 as being converted to a Roth."

Did you look at the 1099-R? Did you use the 1099-R worksheet?

"The software calculated the taxable amount as $999. Why isn't it the full $25,000?"

There is not enough information here. Example:

There is Basis in the Trad IRA (nondeductible contributions in prior years). Or, you entered a Basis amount, and there isn't any.