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Level 2
June 1, 2019
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I received two 1099-R for a 401k conversion to Roth IRA. Which one do I use?

  • June 1, 2019
  • 1 reply
  • 16 views

I withdrew my 401k of about $5000 from one bank and transferred it into a Traditional IRA at another bank, and then I converted that into a Roth IRA. I received two different 1099-R for this process, one from each bank. 

The distribution code for the first bank (box 7) is G, and the distribution code for the second bank is 2. The amount mentioned in the first bank is $5000, and the amount mentioned on the second bank is $5003. So which 1099-R do I use?

Best answer by VolvoGirl
Yes enter both of them separately.  The one with Code G won’t be taxable but will show up as income in the Summary or Review screens so it will look like you have twice as much income.  So don’t panic.  Just make sure the actual 1040 line 4b has the right taxable amount.

1 reply

VolvoGirl
VolvoGirlAnswer
Level 15
June 1, 2019
Yes enter both of them separately.  The one with Code G won’t be taxable but will show up as income in the Summary or Review screens so it will look like you have twice as much income.  So don’t panic.  Just make sure the actual 1040 line 4b has the right taxable amount.
VolvoGirl
Level 15
June 1, 2019
And it should say the word ROLLOVER by line 4.