@FLfiler21 wrote:
I have entered that the money reported in the Roth 1099-R was all rolled over and I put in the amount. However, that doesn't change the total taxable amount on 1040 line 4b or my total taxes due. Nor does it change anything on the turbotax easy entry 1099-r data sheet.
Oddly to me, I'm never asked which IRA it was placed back into. There are two standard IRA accounts in addition to the Roth.
I am not being taxed on the Roth distribution since that amount of money is not included on 1040 line 4b, only on line 4a. Could my problem be that the brokerage company should have only reported my net distribution on the 1099 they sent , i.e. the initial distribution minus the amount put back within the 60 days? The 1099-R they prepared only shows the initial distribution.
You cannot roll a Roth distribution into a Traditional IRA - that is not permitted. That is neither a rollover or a conversion - it is a distribution from the Roth IRA and a new contribution to the Traditional IRA subject to the contribution limits and cannot exceed your taxable compensation (W-2 wages or net self-employed income.) or it will be an excess contribution subject to penalty.
Roth IRA distributions that do not exceed your own prior Roth contributions are not taxable.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
