1099-R,

Forum|Forum|6 years ago
March 11, 2020
2 replies
8 views

I did a backdoor Roth IRA last year using after tax money from my 401K. I received a 1099R form showing $9,461 in Box 1 (gross distribution) and $ 655 in Box 2a (the taxable amount). Later in reviewing the entries in a summary table, Turbo Tax is showing in the pensions and annuities section the total $9461 and taxable as $1310 or twice what I entered. Any idea why and how to correct? I honestly don't know what it is doing internally, but I could be getting overcharged.

Thanks.

ThomasM125

Level 15

When you report the amount in box 2(a), it is going to be reported as taxable income. Then, you are asked to enter your non-deducted retirement fund balance at the end of the previous year and same for the current year. That calculation is normally used to determine the taxable amount of the distribution. It is not normally reported in the box 2(a), so you need to change one of the end of year balance numbers to make the calculation work right.

So, try adding the amount in box 2(a) to your end of year non-deducted pension fund balance at the end of the previous year.

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macuser_22

Alumni - Champ

What code is on box 7.

What is in box 5?

A 401(k) conversion is not a backdoor Roth.

**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.**