KarenM90
Intuit Alumni

Retirement tax questions

Yes.  You need to report the Rollover exactly as it was reported to you on the 1099R.

 

If it was rolled over from a pre-tax account (ie - a regular 401k that is holding "pre-tax" funds) you will owe tax when it is rolled over to a Roth IRA.

 

Please see the attached FAQ from IRS:  Rollovers FAQ

 

Please note at the bottom of this FAQ:  A conversion to a Roth IRA results in taxation of any untaxed amounts in the traditional IRA. The conversion is reported on Form 8606.....

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