I retired in November 2022, and in 2023 I rolled over my employer’s 401k. Most of it was pre-tax, and went into a rollover IRA (is this also called a traditional IRA?). The post-tax part (from Roth 401k contributions) went to a Roth IRA. So the Rollover IRA portion is 100% pre-tax.
My 401k was with Fidelity, and the Rollover IRA is also with Fidelity. They performed the Rollover for me at my request. Because they did this without me ever touching the money, is this still called a rollover, or is it a transfer? I'm trying to understand the terminology, and if it matters here.
During the year, I made several Roth conversions from the Rollover IRA into a Roth IRA.
I am using TurboTax Deluxe 2023, and have been asked for the following three values:
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Tell Us the Value of Your Traditional IRA
Enter the total value of all of Bill’s traditional IRA, SEP, and SIMPLE IRA accounts on December 31, 2023. This information is sent by mail on Form 5498. Do not include ROTH IRAs.
Enter any outstanding 2023 rollovers and recharacterizations that were not completed until 2024.
Value of Bill’s Traditional, SEP, and SIMPLE IRAs on December 31, 2023: ________
Outstanding Rollovers: ________
Outstanding Recharacterizations: ________
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Let's take each of the three values one at a time:
- When they say “Traditional IRAs”, does that include what is in my Rollover IRA? (I'm still not sure if traditional IRA = rollover IRA here.) And does it include what was in the Rollover IRA before 2023 (it has existed for several years)?
- Based on what I said above (Fidelity handled the movement of money from 401k to Rollover IRA), I don’t have anything to report for outstanding rollovers, and I should enter $0.00.
- There are no outstanding recharacterizations, so this will be $0.00.
Summary: I am pretty sure that questions #2 and #3 above should show $0.00, but I don’t know what to enter for question #1. Thank you for your help.
