Hi, I have a premier desktop version Turbo Tax 2024 and really struggled with 1099-R filing.
I have transferred after-tax 401k to Roth IRA(with earing ), so my 1099-R is like this:
1: $5273
2a: $689 (taxable amount)
5: $4584
7: G, IRA/SEP/SIMPLE not Checked
after I add this form, my total tax due went up $400 (for a taxable amount $689), seems not right.
Form 1040, 5a- $5237, 5b- $1341(not right to me).
Form 1099-R summary shows:
26: $689
31: taxable amount of Roth IRA conversion $652 (I really don't know where does this come from, money was transferred from after tax 401k, suppose only earning will be taxed as above shown $689)
32a: taxable amount of distributions: $1341 (add up above two and transferred to 1040 5b).
So where is the problem? Any one can help me, please? Really appreciate it!
BTW, I have already tried deleting/ manually entering 1099 R. Please help!
