Hi,
I have received 1099-R for 2024 for rolling over $53750 from an after-tax 401k account to a Roth IRA. I contributed $53430, so the gain of $320 is taxable.
In 1099-R,
Box 1: $53750
Box 2a $320
Box 5 $53430
Box 7 G
In step by step Tax entry, I selected Yes to the question "Was this Money Rolled Over to a Roth IRA?" and Yes to the question " Did you make after-tax contribution to this 401(k) or 403(b) plan" and entered "$53430" as the amount I contributed. I found in 1099-R Additional Distribution Information, B1 (Check if the entire distribution rolled over) is checked, so my entry in Step-by-Step was retained correctly, but somehow the info was not reflected in Line 26a of 1099-R Summary
However, in 1099R Summary form,
line 26 (Taxable amount in box 2a, Form 1099-R) shows 320, which is correct
line 26a (Taxable amount rolled over) incorrectly shows 0 instead of 320
line 31 (Taxable amount of Roth IRA conversions) shows 320
line 321 (Taxable amount of distributions) shows 640 instead of 320
In 2023, I have a similar situation and the line 26a was calculated correctly. All my entries in 2024 were done the same way as 2023 for 1099-R and 1099-R Additional Distribution Information, but the 1099-R Summary for 2024 calculated 26a differently than 2023.
This appears to be a Turbo Tax bug. I spoke to Turbo Tax phone support and the person reviewed my entry through screen-share and he agreed with my assessment. In order to correct this software error, I have to override 26a on 1099-R Summary from blank to the amount that was rolled over. As a result, I don't seem to be able to e-file.
Is there a way I can correct this error and still be able to e-file?
Your answer would be greatly appreciated.
JoAnn
