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Retirement tax questions
No you do not have it correct and your Form 8606 is not being prepared as it needs to be. Reiterating the workaround instructions:
- Is this 1099-R reporting a rollover of funds from a 401(k), 403(b), or government 457(b) plan to a designated Roth 401(k) or Roth 403(b) plan? Answered: Yes (you are lying to TurboTax to get the a suitable result in your carryforward information on the IRA Information Worksheet)
- Was this Money Rolled Over to a Roth IRA? Answered: No (again lying to TurboTax but not on your tax return)
- Did you make any after-tax contributions to your 401(k) or 403(b) plan? Answered: Yes
- Click the Continue button on the Your 1099-R Entries page
- Do not enter anything when TurboTax asks for your Roth IRA Contributions prior to 2019 (remove what you entered there)
- Any Roth Convesions? Yes
- Mark the 2018 box.
- Enter the Form 1099-R box 5 amount in the 2018 Nontaxable Conversions box.
These actions will cause the box 5 amount to appear properly on Form 8606 line 24 instead of improperly on line 22. The information on your IRA Information Worksheet will also be sufficiently correct to handle any future Roth IRA distributions.
I don't speak for Intuit, so I have no idea when any bug fix might be implemented. If a "containment" FAQ is issued regarding this, perhaps JoeyB will post a link to it.
‎February 17, 2020
3:16 PM