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Retirement tax questions
I think I understand why your tax return does not reflect the correct taxable amount. When you roll over after-tax funds from a 401(k) to a traditional IRA, in TurboTax you must click the Continue button on the page that lists the Forms 1099-R that you have entered, answer Yes when asked if you made and tracked nondeductible contributions to your IRA (item 3b on your list of actions), click the EasyGuide button on the next page, continue and mark the box to indicate that you transferred money from your employer's plan in 2022 or a previous year, then enter the after-tax amount that was rolled over to the traditional IRA. Finally explain the rollover from the 401(k) of the after-tax amount.
‎October 2, 2023
5:11 AM