Thanks for the responses. I just contacted the financial institution and they confirmed that the 1099-R was coded correctly for Code G in box 7. Two transactions took place in 2024 and are supposedly covered by this single 1099-R with the one Code G:
- A conversion from my 401K to a Roth IRA which is fully taxable as shown in Box 2A.
- A rollover from my 401K to a Traditional IRA (not taxable)
The sum of both transactions above is shown in Box 1.
Proceeding to the 3rd check sheet following the filled in 1099-R form you come to the "Was this money rolled over to a Roth IRA account?" sheet.
- If you check yes, the full amount in Box 1 is taxed.
- If you check no, nothing is taxed and the amount in Box 2A is not transferred to 1040 line 5b.
There is not a check sheet to indicate that only a portion of the amount in Boz 1 is a Roth IRA (to reflect the amount shown in Box 2) and the balance being a rollover to a Traditional IRA.
Any suggestions.
