dmertz
Level 15

Retirement tax questions

The code N Form 1099-R is correct as received.  fanfare is incorrect that box 1 of this From 1099-R should have $2,000 in box 1.

 

Make sure that you are entering each Form 1099-R as a separate Form 1099-R.  The fact that entering the code-N 2024 Form 1099-R change anything on Form 8606 suggests that you are somehow combining the forms into one.  Make sure that you are clicking the button to add another Form 1099-R to add the second Form 1099-R.  The only effect that entering the code-N Form 1099-R properly will have is increase the amount on Form 1040 line 4a by $2,309.28.

 

Your code-2 2024 Form 1099-R indicates a conversion of only $6,298.87 in 2024, not $8,608.15.  Unless there is some other Form 1099-R that reports a conversion of the $2,309.28, these Forms 1099-R together indicate that you still had money in your traditional IRAs at the end of 2024 or that your contributions for 2024 in 2024 totaled only $6,000, not $8,000.