@Thomas S wrote:
Champ,
I think you have put me on the right track. Mine return is a bit more complicated though since the taxable income shown on the my 1099-R is made up of two components. One component is the return of the $10,000 IRA withdrawal I had taken earlier in the year and the other piece is the amount of ROTH conversions I chose to do in 2020. When I try to input all this on the TurboTax screens you have so kindly shown in your reply, the TurboTax software says I need two 1099-Rs to report all these transactions. It recommends that I manually split my original 1099-R from Fidelity into two 1099-Rs for input purposes. I can easily do this.
Anyway I want to thank you for your informative reply. I think your answer points people in the proper direction for reporting this kind of transaction.
Tom
You are correct. TurboTax cannot do two destinations on a single 1099-R.
Make two 1099-R's exactally the same except for the box 1 and 2a amounts for the rollover and conversion.
If there was any box 4 withholding then apply that to the taxable conversion.
Be sure that if the RMD question is asked you check that "none of this was a RMD".
For the rollover say that it was all moved to another account of the Roth conversion in the bottom box.
For the conversion say that you did a combination of things and enter the Roth conversion amount into the bottom box.
Unless there was box 4 withholding the IRS only receives the numbers from the 1040 form lines 4a & 4b.
**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.**
