Retirement tax questions

A bit of additional information.

 

 

The 1099-R for the Roth 401(k) that you rolled into the Roth IRA should show your "basis" in box 5.

 

When you take a distribution form the Roth IRA is less than 5 years then the 1099-R for that distribution should have a code T in box 7 that means that Roth custodian knows you are over 59 1/2 but does not know if you owned any other Roth IRA for 5 years or more (they know you have not owned the Roth that they have, but do not know about any other Roth's that you might own with other custodians).  Once you own that Roth for 5 years then box 7 will have a code Q which is never taxable.

 

TurboTax asks if you owned any Roth for more then 5 years and then asks for your prior contribution which would be the box 5 amount form the Roth 401(k) rollover.    Only the amount withdrawn more then that would be taxable.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.**