Thrift Savings Rollover to ROTH

I took a distribution from my TSP and sent much of it [far greater than annual maximum] to a previously established ROTH IRA without going broker to broker, but within 60 days.  Other than listing it as a ROTH conversion on the 1009R entry screen, is there something else I need to do so the eventual ROTH withdrawal will be free from tax & query?

MaryK4
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Technically, a IRA conversion is from a non-Roth IRA account into a Roth IRA account, often with a taxable impact.  Because it was a TSP, it can be treated as a rollover and this amount will be added to your taxable income for the year. Since it is a rollover, the annual limit for contributions do not apply.

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Thanx, MaryK.  I'm paying the taxes this year on it....  Ouch now, less ouch later.  Just want to be covered a few years down the line when I attempt to withdraw it tax-free.  Is there a form or an entry in TT that I will need or use should there be questions? My brokers inferred they would mark something on the 2020 1099R if it were broker to broker.  I suppose I can just make a note of it a see what happens.  Just don't want to miss the checkmark that TT provided....if there is one.

MaryK4
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Yes, TurboTax will ask you in the interview the questions needed to calculate the tax, indicate the rollover- this will also adjust the amount of penalty for early withdrawal.  Your 1099-R should have a Box 7 Code 1.  Please post again if you have questions while entering!

@jc_penny

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After further review, code 1 in Box 7 is for early withdrawal.  My transfer was not - I'm 60+  I will use the "Supporting Details" option in the forms view to indicate that the conversion was legal.  I don't expect there to be an issue, just trying to record it correctly.

 

Thanx for the help.

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