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Retirement tax questions
Hello @macuser_22 and @dmertz ,
I still need some further info here.
As instructed, I split the 1099-R into two 1099-Rs and entered the info in Turbo Tax that reported the rollover from 401(K) to ROTH IRA and traditional IRA. Till this point Turbo Tax doesn’t report any tax liabilities.
After this I entered the 1099-R details showing the distribution from ROTH IRA. This 1099-R form has box 2b (Total taxable amount not determined - checked) and box 7 has code J. Once I provided this info, Turbo Tax reports that I have tax liabilities. The rollover to ROTH IRA and distribution from it happened in 2019.
How to show in Turbo Tax that the money withdrawn (only contribution) from ROTH IRA account without incurring any taxes or penalties?
February 16, 2020
10:37 PM