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Retirement tax questions
Q. I see the sum of the 2 1099-R's listed on Line 5a Pensions and Annuities and the Line 5b Taxable Amount is 0.0. Is that what I should expect to see?
A. Yes. The transfer from the 401k to the TIRA is a tax free rollover. The word rollover should appear on the dotted line to the left of 5b.
The taxable part of the Roth conversion should show on line 4b. If you have nothing on line 4, make sure that you check the IRA/SEP/SIMPLE box on your 1099-R, as @DanaB27 advised.
You also say "I see the sum of the 2 1099-R's listed on Line 5a". That's not right. Only the amount from the 401k rollover should be there (again, it's probably the IRA box not being checked on the 2nd 1099-R)
March 13, 2022
7:28 AM