@DanaB27: Could I get some clarification on your response?
Enter the first 1099-R for the rollover into the traditional IRA. > When I enter the rollover amount into the traditional IRA, is it correct for me to put $0.00 for "Taxable amount" (Box 2a) and Distribution Code = G as on the 1099-R form? I did not see this thread and had posted https://ttlc.intuit.com/community/tax-credits-deductions/discussion/tt-questionnaire-on-1099-r-after... earlier this evening.
If we use the following as an example,
The transaction was an After-Tax Rollover from 401K with the following breakdown:
- $900 as non-taxable contributions rolled over to a Roth IRA and
- $100 of taxable earnings rolled over to a Rollover Traditional IRA (defer taxes on $100 and any gains/earnings to a future date).
The 1099-R has the following information:
- Box 1 (Gross Distribution): $1,000.
- Box 2a (Taxable Amount): $0.00.
- Box 5 (Employee Contributions / Designated Roth Contributions or Insurance Premiums): $900.
- Box 7: Code: G-Direct rollover and rollover contribution
- IRA/SEP/SIMPLE box is BLANK.
- All other boxes are BLANK.
Would I use the same information for both 1099-R entries in boxes 2a, 7, IRA/SEP/SIMPLE box and all other boxes? If this is correct then,
- for the first entry of 1099-R > rollover to traditional IRA > I would enter $100.00 in Box 1 and $0.00 in Box 5.
- for the second entry of 1099-R > rollover to Roth IRA > I would enter $900.00 in Box 1 and $900.00 in Box 5.
And since I only have one 1099-R, can I send the same one as long as the 2 entries match the total on Box 1 (Gross distribution) on my 1099-R? Or, do I have to check "Corrected 1099-R" and fill out another form?
Thank you!
