1099R Distribution Code G

[DHart8]

I did a 401k to Roth conversion last year. I moved 100k to the Roth. I entered my 1099R information, with Distribution Code G. Expecting to owe 20k for that move, I paid the IRS 20k in advance. I checked my entries, and see the Taxable amount for the Distribution Code G entries is 100k, correctly.

But, Turbo Tax is not seeing the taxable amount! It’s not telling me that I owe the 20k. Can anyone help? Thank you.

[MinhT1]

The amount converted from a 401(k) plan to a Roth IRA is taxable.

You have to indicate in TurboTax that you converted to a Roth IRA,

In TurboTax Online, you do as follows:

1. Enter your form 1099-R and follow the interview
2. When you arrive to the page Did you move the money to a Roth IRA, click on the radio button Yes, this money was rolled over to a Roth IRA  and Click Continue

[DHart8]

Hi, thank you very much. 

I answered the questions as follows:

Is this 1099R reporting a rollover of funds from a 401(k) or 403(b) account?
My answer NO this money didn't rollover to a 401(k) or 403(b) account.

For rollovers to a Roth IRA, we may need to collect some additional info.  For rollovers to all other types of retirement accounts (such as traditional IRA), just answer No

My answer NO this money wasn't rolled over to a Roth IRA account

Should the answer to the 2nd question be YES?  Note, I got these answers from a guy from Empower, who was helping me move money.  

Thank you!

[DianeW777]

The answers should be as follows:

• Is this 1099R reporting a rollover of funds from a 401(k) or 403(b) account? -Yes the rollover is from a 401(k) to a Roth IRA per your notes.

1. Select Qualified Plan > None to Do any of these situations apply to you?  and None was an RMD > Select I converted some or all of this to a Roth IRA
2. Answer Yes if you Did you convert all of this $____ to a Roth IRA > 

This should apply the taxable amount to your return and account for the rollover to the Roth IRA.

@DHart8 

[Edited: 03/25/2024 | 4:27 PM PST]