Hello - I transferred/converted $200,000 of the $250,000 total amount from my 401K to a Rollover IRA. The 401 plan administrator, which also holds my Rollover IRA, had to allocate % of the each of my 401K holding categories (i.e., large cap, mid cap, cash; and before tax and after tax contributions) to make up the $200,000 transfer, so a small portion of the transfer was from "after tax contributions" in my 401K. The after tax contribution total in the 401K was about $2,000, with $1,200 contributed by me (unmatched?), and $800 by my company (matched?). The 401K administrator allocated the "after tax amounts" from my 401K to the rollover IRA as follows:
my 401K after tax contribution - transferred $800 of the $1,200 to rollover IRA
my 401K after tax company match (?) - transferred $500 of the $800 to rollover IRA
so a total of $1,300 of the $2,000 "after tax 401 amounts" was transferred from the 401K to rollover IRA
My rollover IRA statement shows $200,000 was deposited into my rollover IRA account, and did not show any after tax amount separately. I did not get a check for the after tax amount (i.e., the $1,300) so I assume that all the after tax amounts went into the rollover IRA. The 1099R for the 401K distribution shows $200,000 in box 1 "gross distribution", $0 in box 2 "taxable amount", $350 in box 5 "employee contribution/designated Roth contributions or insurance premiums", code "G" in box 7 with IRA/SEP/Simple box "unchecked".
Since I have after tax contributions in the 401K that I already paid tax (?):
1. Should the after tax amount, or at least my contribution, not taxable?
2. Since the entire $200,000 is shown in my IRA statement, would I have to pay tax on my "after tax contribution" again when I start taking money out the rollover IRA account?
3. Also, I don't know how the $350 in box 5 was determined because it did not match with the after tax distributions/withdrawals (was this my initial contribution that was out of my pocket?) .
Please advise. Thank you.
