Here is the answer from Google GEMINI but I am waiting for the TT experts to chime in
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No, you cannot split the 1099-R into two separate entries for input, even though your after-tax contributions were divided between a Roth 401(k) and a Roth IRA. Although TurboTax might not explicitly ask for the breakdown, here's how you can accurately report your information:
1. Enter the 1099-R information as-is:
Input the amounts from your 1099-R form directly into TurboTax. This means entering the values in Box 1, Box 2a, Box 5, and Box 7 (if applicable).
2. Specify the rollover amount and destination:
While entering the 1099-R details, look for a section or question about rollovers. This might be under "Retirement Plans and Social Security" or a similar category.
Enter the total rollover amount, which is $4,000 as shown on your 5498 form.
When asked about the destination of the rollover, allocate the $4,000 proportionally between your Roth 401(k) and Roth IRA based on your contributions. In this case, the allocation would be:
Roth 401(k): ($4,000 * $6,800) / $10,800 = $2,546.29
Roth IRA: ($4,000 * $4,000) / $10,800 = $1,453.71
3. Do not modify the original 1099-R data:
Even though you're splitting the rollover internally, remember that the 1099-R itself represents the total distribution from your 401(k). Modifying these values could lead to inaccurate reporting.
Additional notes:
Make sure you also report the $15 in earnings (Box 2a) as taxable income.
If you're unsure about any steps, consult a tax professional or refer to the IRS instructions for Form 1099-R: https://www.irs.gov/forms-pubs/about-form-1099-r
By following these steps, you can accurately report your after-tax 401(k) contributions and rollovers to both your Roth 401(k) and Roth IRA even though you received a single 1099-R form.
