DanaB27
Expert Alumni

Retirement tax questions

Do not enter the conversion as an IRA Roth contribution in the IRA contribution interview (if you did please delete it).

 

You will only need to enter your Form 1099-R and answer the follow-up questions:

 

  1. Click "Federal Taxes" on the top and select "Wages & Income"
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Enter your Form 1099-R information
  5. On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
  6. On the "Did you move the money to a Roth IRA?" screen answer "Yes"

 

Please be aware, a conversion to Roth IRA from a pre-tax 401(k) is a taxable event. And your current Form 1099-R is incorrect.

 

If box 2a taxable amount has wrongly $0 and code G in box 7 for the conversion to Roth IRA then you will either have to ask the issuer if they will give you a correct Form 1099-R or you will have to make changes to your Form 1099-R to get TurboTax to report the rollover as taxable. Enter a zero in box 5 and indicate in the follow-up questions that the distribution was rolled over to a Roth IRA. Please see this excellent discussion from dmertz for additional information.

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