You’ll owe some taxes in the year when you make the rollover because of the crucial differences between a traditional 401(k) and a Roth IRA.
To enter the information, follow these steps:
- Search for 1099-R and select the Jump to link in the search results.
- Continue through the screens to import or enter your 1099-R form.
- When asked Tell us if you moved the money through a rollover or conversion select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days) and Continue.
- On the next screen, Did you roll over all of this (Box 1) to another retirement account? answer Yes, I rolled over to an IRA or other retirement account (or returned it to the same account) and Continue.
If taxes were withheld in box 4 of your form, they'll either be added to your refund or applied to your tax liability.
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