I have the same situation except for my 529 to Roth rollover was processed in 2024 for tax year 2024. I believe you have until April 15th to process these transactions. As far as I can tell, nobody (neither the Roth recipient nor the 529 account owner) reports this 1099-Q on their tax return (nor do they input in Turbo Tax) as long as it was a qualified transfer. I don't think you should be inputting a Roth contribution as it was a 529 to Roth rollover (that counts to the $7000 annual Roth contribution limit for those under 50). If you report a Roth contribution and a 529 to Roth rollover for the same dollars, I think you may double the amount going into the Roth (ultimately reported by Fidelity on informational Form 5498) because theoretically you can do both. If you stay under the $7000 limit, that would be fine. For example, you could do a Roth contribution of $3500 and a 529 to Roth Rollover for $3500. Appreciate others thoughts on this.
