@tractng wrote:
I got my 1099-R from TIA and imported the form into TurboTax.
After I answered, "Was this Money Rolled Over to a Roth IRA?"
-Yes, this money was rolled over to a Roth IRA account.
On the next screen I got this.
"Check Your 1099-R"
-You have indicated that you rollover a traditional IRA into a Roth IRA with a Code "G" in box 7. If you converted a traditional IRA to a Roth IRA, your 1099-R should have a Code 1, 2 or 7. If your distribution is not from a traditional IRA, then the IRA box on your 1099-R should not be checked.
Select "Continue" to go back to review your 1099-R. If you entered your 1099-R as you received, we recommend that you contact the financial institution that issued the 1099-R so it can be corrected.
note: these items on the form
Box 2a Taxable Amount is 0.
Box 7: G-Direct rollover and rollover contribution
- Also the IRA/SEP/SIMPLE box is checked on my copy of the 1099-R under box 7
Please advise. Do I need to call TIA or just leave it as and continue? How do I trigger form 8606?
@tractng The 1099-R instructions say to use code 2 or 7 if the plan sending the distribution knows it is a Roth conversion, even if it is at the same trustee. It seems the 1099-R is wrong and TIAA should have used code 2 or 7 depending on your age. You can contact them and ask for a correction. (see page 4 of the instructions, https://www.irs.gov/pub/irs-pdf/i1099r.pdf)
However, I think you probably already have a form 8606, and I think you can file without waiting for the corrected 1099-R. Did your taxes go up/refund go down when you entered the 1099-R? @dmertz what do you think?
