2010 Tradtional to ROTH IRA Conversions

[CathysTaxes]

Does anyone know where these get entered in TaxWise?

I tried to override line 15A by putting in the amount taxable for 2012

Override "Check if Rollover" by checking it

Override line 15B taxable amount using amount in 15A.

Thanks

[Crank]

Click the link icon that appears to the right of the box when you click on it. It should ask you to go to an existing form or a new form. From there you can select the 1099R

[CathysTaxes]

Click the link icon that appears to the right of the box when you click on it. It should ask you to go to an existing form or a new form. From there you can select the 1099R

But I don't have a 1099R. The 1099R was in 2010. I have page 2 of the 8606 form from 2010 where it lists the amount that is taxable to 2011 and the amount that is taxable to 2012. There wouldn't be a matching 1099R filed with the IRS. I know when I did the return last year, Taxworks, automatically carried the amount over (conversion to Taxwise didn't bring the amount over).

[CathysTaxes]

I believe I have a resolution to this. I found this link on www.irs.gov: http://www.irs.gov/Retirement-Plans/2012-Reporting-of-2010-Roth-Rollovers-and-Conversions

Following that, I did a right click on line 15b, selected 'scratch pad' and entered the amount there.

[Kea]

That should work. What I did was go into the 2011 program where the conversions were (partially) done. I went to the 2nd page of the 8606 and filled in the a - e (above the section III) questions with the amounts from the 2010 8606.

[CathysTaxes]

That should work. What I did was go into the 2011 program where the conversions were (partially) done. I went to the 2nd page of the 8606 and filled in the a - e (above the section III) questions with the amounts from the 2010 8606.

Do you mean the 2011 Taxwise program and then when you converted the return to 2012 it converted for you?

[Kea]

Oops 2011 not 2010!

I converted the 2011 TaxWorks files to 2011 TaxWise. They tell you the conversion doesn't try to convert everything -- just what you need for going farward to 2012. I've been checking each file and updating what the conversion didn't because I want the 3 year history to be right.

Of course the Roth conversion didn't "get converted" even though it's needed for 2012. The appt. for that client isn't until next week so I haven't checked if it flows to 2012. I'll try to remember to check that this afternoon.

[CathysTaxes]

Oops 2011 not 2010!

I converted the 2011 TaxWorks files to 2011 TaxWise. They tell you the conversion doesn't try to convert everything -- just what you need for going farward to 2012. I've been checking each file and updating what the conversion didn't because I want the 3 year history to be right.

Of course the Roth conversion didn't "get converted" even though it's needed for 2012. The appt. for that client isn't until next week so I haven't checked if it flows to 2012. I'll try to remember to check that this afternoon.

Kea, that's exactly how mine was. 2010 Taxworks to 2011 Taxworks was fine. The 8606 had the 2011 and 2012 portions separated. It did not transfer over and the new 8606 didn't have a line for prior conversions. So far, it looks like my 'manual' way is the only one to do it.

[Kea]

OK -- I finally brought that return over to 2012. The amount i put in 2011 on the top of page 2 of Form 8606 did come over to 2012 form 8606 page 2 line 18 a. You can also type the amount in directly. But it looks like it goes to page 2 line 18. Hope that helps.

[CathysTaxes]

Kea, I don't know why it worked for you and not me. Maybe I needed an update. I added form 8606 and plugged the amount in 18A and deleted the scratch pad I had linked to 15b on the 1040. Thanks.

[Kea]

Glad it finally worked out OK.

[kris1]

Sounds good!