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Retirement tax questions
It's correct that a single Form 1099-R is generated, but it must be split into two for entry into TurboTax, one for the portion rolled over to the traditional IRA ($45,000 in box 1, $0 in box 2a, $0 in box 5) and the other for the portion rolled over to the Roth IRA ($5,000 in box 1, $0 in box 2a and $5,000 in box 5) as you have done.
These are not rollovers to Roth 401(k) or Roth 403(b).
The $5,000 rollover is a rollover to a Roth IRA. The $45,000 rollover is not.
‎September 17, 2024
8:44 PM