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Retirement tax questions
If the 401(k) had a mix of before and after-tax money and the after-tax is in box 5, then the before tax money can be transferred directly to a Traditional IRA and the after-tax (amount in box 5), transferred directly to a Roth IRA. Neither will be taxable. The 401(k) after-tax money would not be transferred to a Traditional IRA.
Assuming that this was reported on a single 1099-R, which is very common, I will post the procedure below.
Assuming that this was reported on a single 1099-R, which is very common, I will post the procedure below.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 4, 2019
9:53 PM