Traditional 401k rollover to Roth IRA

Forum|Forum|6 years ago
January 31, 2020
7 replies
5 views

My husband rolled hit Traditional 401k over to a Roth IRA. (the investor skipped the middle part where the funds go into a traditional IRA first and then converted to a Roth). My question, is there a way to input this into the online version? What I am getting now is that i have an excess contribution to my IRA which is not the case since this is a rollover. Plus, we have to pay taxes on this "additional" income but my return is not reflecting this. Any ideas or is the only answer to go to a CPA and have them file my taxes?

VolvoGirl

Level 15

You do not enter it as a new IRA contribution under Deductions & Credits. Just enter the 1099R. What code is in box 7? @dmertz

limegreen18Author

Level 2

Distribution Code is correct as G (thankfully)

Thank you for that answer! I will take it off. My only other issue is that taxes on the funds. I am worried that they are not correct unless my math is incorrect/i did a much larger deduction than needed.

VolvoGirl

Level 15

You might still have a problem. You need to pay the tax on it when you convert to a ROTH. Need to wait for dmertz to reply. He's our go to person.

The whole amount needs to show up on 1040 line 4d as taxable income. After you entered the 1099R did you answer all the follow up questions? It may not ask you the right questions if it is code G for Direct Transfer.