New York 2011: ROTH IRA Conversion With ROTH IRA Rollover
New York taxpayers may owe federal tax on various types of ROTH IRA conversions and rollovers. New York taxable income may be reduced by these federally taxable amounts, subject to a limit.
Certain customers, who rolled-over part or all of a pension distribution to a ROTH IRA and also converted an existing IRA to a ROTH IRA, may have filed an incorrect New York tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your 2011 New York tax return before February 18, 2012 AND
- You received a Form 1099-R (with a Code “G” in Box 7) for a pension distribution you rolled over to a ROTH IRA AND
- You received at least one Form 1099-R (with a Code “2” in Box 7) for your ROTH IRA conversion AND
- You had an amount on federal Form 8606, Line 16 AND
- You had an amount on your federal Form 1040, Line 16b that is NOT EQUAL to the amount on your New York Form IT-201, Line 29
If you are affected, your may have underpaid your New York tax. You may need to amend your New York tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the state taxing authority.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the New York 2011: ROTH Conversion.