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Converting a Traditional IRA to Roth IRA

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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 computing the taxable amount on Form 8606.

Tags: federal,form