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Retirement tax questions
Your accountant filed incorrect tax returns for you if your distributions were truly from an IRA rather than an employer plan (401(k), 403(b), 457(b) or the federal TSP). Roth conversions from an IRA are required to be reported on Form 8606 Part II and on Form 1040 lines 4a/4b. The aforementioned employer plans are not IRAs.
Check your prior year Forms 1099-R. If they do not have the IRA/SEP/SIMPLE box marked, the distributions were apparently from an after-tax account in an employer plan (a so-called mega-backdoor Roth), not from an IRA. However, it seems like the 2024 Form 1099-R that you are dealing with does have the IRA/SEP/SIMPLE box marked if TurboTax is involving Form 8606.
ā€ˇFebruary 9, 2025
2:51 PM