dmertz
Level 15

Retirement tax questions

If there was a distribution from the 401(k) in 2023 such as what would happen if you did a rollover to a Roth IRA, the 401(k) plan is required to have issued a 2023 Form 1099-R reporting the distribution from the 401(k) that you must enter into TurboTax.

 

In the tax code this is technically called a taxable rollover and is reportable as a rollover contribution on the Form 5498 from the Roth IRA, which agrees with what Fidelity reported.  The term "Roth conversion" in the tax code is reserved for the taxable movement of funds from a traditional IRA to a Roth IRA.  However, in common usage the term "conversion" is used for both due to the similar (but not identical) nature of the two transactions.