@dmertz @Opus 17 @JulieS
Thanks for your messages. You all are correct; I mixed my codes in my note above. Apologies for that. Good news is that I accurately entered them in Turbo Tax.
So regarding 1099-R form with code 1B, I do not have any number in box 1 or 2a or any other box than in box 5. Thanks @dmertz for explaining that 1B represents "the overall investment loss in the designated Roth account in your 401(k), the portion of contribution basis that exceeded the amount rolled over to your Roth IRA" So, in Turbo Tax, after entering information, it asks for :
a.) Was this a plan loan that you had when you left a job or the plan ended? I have selected "No, this was another type of distribution". The other option is "Yes, this was a qualified plan loan offset".
Please let me know if this needs to be changed.
b.) Then the next screen prompts me with "What did you do with the money from Fidelity Investments <Employer name> 401K plan? And it has the following options:
* I moved the money to another retirement account (or returned it to the same retirement account)
* I did something else with it (cashed out, etc.)
None of these options align with overall investment loss in the designated 401K Roth account. What should I do?
Thanks!
