Thanks for the information. I'm using Turbo Tax Premiere. My question is similar but not the same.
1099R and 5498
I had a 401K with both taxable and nontaxable money since I'd contributed after-tax (not taxable) money and earnings from those contributions (taxable). I converted the 401K into two IRA's: the non taxable funds to Roth IRA (after tax contribution in 401K) and taxable to Rollover IRA (pretax earnings on my after tax contribution.)
The 1099-R had the following boxes:
Box 1, "Gross distribution" combined taxable and non-taxable amounts, ~$120k,
Box 5, "Employee contrib/des Roth contrib or insurance premium" showed nontaxable, after tax, ~$40K,
Box 7, "Distibution code" is marked "G".
The after tax to Roth amount is showing up in 8606 correctly, I think.
However, the conversion to Rollover /Traditional IRA , ~$80K, is included as Taxable income on 1040 Line 5b. Since this is a Rollover /Traditional IRA, it should not be taxed at this time.
The problem may be that I entered the taxable conversion amount from Form 5498, ~$80K. If that is the problem, how can I correct it? I've attempted, without success, to get back to that point in Turbo Tax where I made the entry.
The Search (upper right hand of screen) on my Turbo Tax does not respond to anything typed, so would appreciate a step-by-step procedure.
Thank you..
