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I contributed to my defined benefit retirement plan with after tax funds, I rolled over the funds in the plan to a traditional IRA. How do I report that?
I am referring to an annuity based defined benefit plan not a Roth
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June 6, 2019
12:54 AM
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Retirement tax questions
You have a 1099R for the rollover correct?
Is there an amount in Box 5?
What is code in Box 7?
Is there an amount in Box 5?
What is code in Box 7?
June 6, 2019
12:54 AM
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Retirement tax questions
I have a 1099R, there is no amount in box 5, the code in box 7 is G
June 6, 2019
12:54 AM
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Retirement tax questions
A "G" is a direct rollover.
You will enter the 1099R as follows:
To enter pension and annuity Payments (1099-R)
• Click on Federal Taxes
• Click on Wages and Income
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
Due to having after tax funds in the IRA, you need to track the basis so when you do start taking money out only a percentage is taxable income to you.
June 6, 2019
12:54 AM