Which options should I select on TurboTax to record a Roth conversion for my cryptocurrency investments?

3 answers

• Reid WaltonJul 04, 2022 · 3 years ago
  To record a Roth conversion for your cryptocurrency investments in TurboTax, you need to follow these steps: 1. Launch TurboTax and open your tax return. 2. Navigate to the section where you report your IRA contributions and conversions. 3. Select the option to report a conversion. 4. Enter the necessary details such as the amount converted and the date of conversion. 5. Make sure to indicate that the conversion was to a Roth IRA. 6. TurboTax will guide you through any additional information required for reporting the conversion. Remember to consult with a tax professional or refer to TurboTax's official documentation for specific guidance based on your individual circumstances.
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• OKOROAug 30, 2021 · 4 years ago
  When using TurboTax to record a Roth conversion for your cryptocurrency investments, you should select the option that allows you to report a conversion. This will prompt you to enter the relevant details such as the amount converted and the date of conversion. Make sure to specify that the conversion was to a Roth IRA. TurboTax will then guide you through any additional information required for accurate reporting. If you're unsure about any specific steps, it's always a good idea to consult with a tax professional or refer to TurboTax's official documentation for detailed instructions.
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• Bruno AbnerFeb 14, 2023 · 3 years ago
  When it comes to recording a Roth conversion for your cryptocurrency investments in TurboTax, it's important to select the appropriate options to ensure accurate reporting. Start by opening your tax return in TurboTax and navigate to the section where you report your IRA contributions and conversions. Look for the option that allows you to report a conversion and proceed to enter the necessary details, including the amount converted and the date of conversion. Don't forget to indicate that the conversion was to a Roth IRA. TurboTax will then guide you through any additional information required. If you encounter any difficulties or have specific questions, consider reaching out to TurboTax support for assistance.
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