I have a similar problem. In 2019 I rolled over $50K of my 401K Aftertax Savings from my former employer to my brokerage, after retirement. Of the $50K, $30K was my after tax contribution and $20K was earnings. I received 2 checks for the 2 amounts in the name of my brokerage - the check of $30K (my after tax contribution) indicating Roth IRA was deposited in my Roth IRA account, and the check of $20K indicating Traditional IRA into a traditional IRA account, at the same brokerage, which I converted into a Roth IRA later, also in 2019.
I received 2 1099-R’s
1) from my former employer for the total rollover:
Box 1: $50K
Box 2a: $0
Box 5: $30K
Box 7: G (direct rollover of a distribution to a qualified plan… or an IRA)
IRA/SEP/SIMPLE : blank
2) from my brokerage for the Roth conversion:
Box 1: $20K
Box 2a: $20K
Box 7: 7
IRA/SEP/SIMPLE (x)
I followed dmertz’s answer above and split my employer’s 1099-R into 2 for the 2 amounts in Turbotax - $30K and 20K
Then I entered my brokerage’s 1099-R for the Roth conversion of the above $20K
TurboTax now shows a gross income of $70K ( 30+20+20), with the $20K conversion as taxable. Is the gross income in TurboTax correct? Thanks so much.
