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Get your taxes done using TurboTax
Hello, this answer was helpful as I rolled over a 401k from Fidelity where 95% went into a Rollover IRA and 5% of after-tax contributions went into a newly-created Roth IRA. My AGI for 2023 is over the limit for any Roth contributions, so my initial pass through TT assessed a penalty of 6% for an ineligible Roth contribution. If I do as you recommend, and enter two 1099-Rs into TT (one where the 5% of the proceeds go into Roth and one where 95% of the proceeds got into a standard Rollover IRA), will TT magically recognize this as a tax-free, penalty-free Roth contribution and not assess the penalty? THANK YOU!!
‎April 12, 2024
3:56 PM