Retirement tax questions


@jbmcvaugh wrote:

Turbo Tax never asked me what I did with the 401K Distribution. By putting a "G" in Box 7, I am saying it was rolled over into a qualified plan. However, the after tax contribution to the 401K, about 3% of the total, was placed into a Roth IRA. But when I entered this into Turbo Tax, I went from a refund to owing $239,000!

If I don't mention the after tax money going to the Roth IRA, the refund reappears, but the full distribution still appears on Line 4c of 1040 form. I am worried about how this looks.

 


Is the after-tax contributions in  box 5 on the 1099-R?

Is box 2a a 0 (zero)?

Was the before tax money rolled to a Traditional IRA?

 

If you only have one 1099-R with a code G then  TurboTax does not support splitting it to two different destinations - it must be entered as two 1099-R's.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**