This is a gem of saver. I now learnt from you that ...
- Rolling over of post-tax contributions in401K into a Roth 401K is called in-plan roll over ( which is also reported in code G form)
- Where as rolling over from Roth 401K to Roth IRA is merely called Roll over (reported in code H form)
Thank you very much! Something is not clear to me yet, But pl. clarify the following.
- I did in-plan roll over of 32K from post tax 401K to Roth 401K (1099-R code H form). Box 1 is 32K.
- I did pretax 401K rollover to IRA for 34K (1099-R code G form) (20.5 + 50yr 7.5K + employer part). Box1 is 66K (Like you said, it also includes above code H box1 amount of 32K in box 5)
When entering the 1099-R code G form, Turbotax is asking 2 questions but 2nd one is based on 1st question.
- 1st question - Is 1099-R reporting rollover of funds from 401K to a designated Roth 401K?
This appears to be about in-plan rollover you explained. Should I answer NO or YES here? I thought I must say YES here because like you already mentioned that this form includes both in-plan Roth IRA roll over (YES part) as well as IRA rollover NO part in G form). But only if I say NO to this, it asks the next question that you mentioned as 'Be sure to answer No, when asked if this money was rolled over to a Roth IRA'
- If I said NO to the 1st, Turbo Tax does ask 2nd question 'Was this money Rolled over to Roth IRA'?
Since you explained that roth IRA roll over is covered separatelt with Code H form, I should say NO while doing code G form. However, code G form does not even ask me this question if I said YES to 1st question during code G form.
So, pl. tell me what is the correct answer to 1st question for code G form? I was thinking it has to be YES, because code G is reporting both in-plan roth 401K roll over as well as roth 401K to roth IRA rollover. If I do YES, I am not coming to the 2nd question you mentioned whereI should answer NO.
Actually only when I say YES to 1st question, turbotax is correctly asking me the info about after tax 401K contribution amount (box5). If I say NO, it does ask for this, Nor it asks the 2nd question you referred to that I should say NO. I am a bit lost here. Pl. help.
Secondly, irrespective of YES/NO for 1st question in code G form, 1040 5a shows (66 + 32) = 98K, while I expected it to be just 32 + 34 = 66K only. Did I enter answer questions wrong that made trubotax do 1040 5a to show 98K instead of 66K ? OR this 98K is the correct way?
