- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The question no one has asked is,
Was this a rollover of pre-tax funds to a Roth IRA, or a rollover of after-tax funds to a Roth IRA? It is uncommon but not impossible to have some after-tax funds in a regular (pre-tax) 401k. In that case, the plan custodian must split the funds and rollover the pre-tax amount into a traditional IRA and the after-tax amounts into a Roth IRA.
- For the 1099-R that reports pre-tax amounts rolled over to a traditional IRA, use code G in box 7.
- For the 1099-R that reports a rollover of an after-tax amount to a Roth IRA, use code H in box 7.
However, if this was a rollover of pre-tax funds into a Roth IRA, that is a conversion, and is properly taxable, and use code G for both, and pay the tax.
‎February 6, 2025
5:33 PM