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Retirement tax questions
Yes you must split it into two 1099-Rs. TurboTax cannot handle two different destinations on one 1099-R.
Enter them both exactally the same as the original except for the box 1, and 2a amounts.
For the rollover enter the amount in box 1 & 2a, then on the what you did with the money say you rolled all over,
For the conversion again enter the amounts in box 1 & 2a and say that you converted it all to a Roth IRA.
The 1040 line 4 should have the total for both box 1 amounts on line 1a and the amount of the conversion (taxable amount) on line 4b. That should match the original 1099-R.
If you had any tax withheld in box 4 on the original 1099-R, box 4, include that in box 4 on the separate 1099-R for the conversion amount.
**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.**
‎January 19, 2021
4:29 PM