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Issues with Taxable Amount for an After-Tax 401K to ROTH IRA rollover
Hi, I'm running into an issue where TurboTax seems to be incorrectly recalculating my Taxable Amount for a rollover from an After-tax 401K into a ROTH IRA. Using sample numbers for the 2024 1099R to describe the situation:
Gross Distribution: $40k
Taxable Amount: $0
Employee Contributions: $35k
Code: G
TurboTax calculates a taxable amount of $5k, but I had an additional $10k of contributions in 2023 that were rolled over. Hence, the $0 taxable.
What's the correct way to reconcile this?
Topics:
‎April 14, 2025
1:00 PM