Hello,
I'd appreciate some help on this! During 2020, I withdrew the full amount from my Teacher Retirement account/public pension plan (let's say $3,000, for simplicity's sake) into a rollover account (Fidelity brokerage), and then rolled that over into a traditional IRA (also Fidelity). Note: that teacher retirement account/public pension plan was funded with pre-tax dollars. After I completed this direct rollover (in less than 60 days) to my traditional IRA, I then converted the full amount to my Roth IRA (again, with Fidelity).
Now, I received two 1099-R forms. The first form is from the employer-retirement account/custodian and has box 1 "Gross distribution" filled in with the amount $3,000 and the rest of the boxes blank (including 2a "Taxable amount" as $0). The second form is from my brokerage/Fidelity account regarding the rollover/conversion and has the both boxes 1 "Gross distribution" and 2a "Taxable amount" both each filled with $3,000 while the rest of the boxes are blank).
I'm aware that the direct rollover (from employer account to rollover IRA to traditional IRA) is a non-taxable event (since I moved the money from a pre-tax account to another pre-tax account), but I know that the conversion to a Roth IRA is a taxable event (please feel free to correct this if wrong). Could I please get "step by step" instructions on properly inputting these two 1099-R forms (that goes over the actual Turbotax question answers on each page so that I don't make any small errors)? I want to avoid being taxed twice or taxed incorrectly for this (summary of situation: I withdrew full amount from employer-based retirement account to rollover IRA to a traditional IRA, then converted that full amount to a Roth IRA within the same year).
Thank you in advance. Please let me know if I may provide any clarifications.
