Roth Conversion of Shares

[Ivan]

Hi Mark,

I have converted a block of mutual fund shares from an IRA to a Roth IRA without selling the shares. This is a taxable event. Can you suggest the best way to do this in FM?

Thanks
Ivan

[Mark]

Hi Ivan,

If you want these to show up in a Capital Gains report you can record them as a sell and a buy. If you don't, you can use the "Transfer Between" dialog to record the necessary transfer out and transfer in transactions for you.

How is this taxed? What specific information do you need about these transferred shares for tax purposes?

[Ivan]

Thanks Mark,

If I understand the rules, it's taxable in the sense that I need to declare the value of the security as income, but I don't think its capital gain matters. Sounds like I want to do a transfer. If you, or any of the tax experts on the forum think this is wrong, please let me know.

Ivan