Guest crwimer Posted February 6, 2001 Posted February 6, 2001 I have a question about filing taxes for 2000 related to converting a rollover IRA to a Roth IRA. Like a fool, it seems, I had 20% withheld for taxes on the conversion. I have received 3 1099-R forms related to that conversion. In my tax software, I have entered everything that I thought was needed but the outcome is way out there. I need some advise. For simplicity, original amount = 50,000 amount withheld = 10,000 Isn't the original 50,000 supposed to be applied to my AGI? And a 10% penalty on the 10,000 for early withdrawl? I can't figure out where this is supposed to go on the forms. Has anyone else had these problems and can anyone help guide me?
Michael Devault Posted February 6, 2001 Posted February 6, 2001 I believe that you'll need two additional forms to report the transaction. Form 8606 is used to report the conversion. Form 5329 is used to calculate the 10% penalty on the amount not converted. Hope this helps.
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