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401K to traditional IRA rollover

If I rolled over $5,000 from an employer 401K to a "rollover IRA" with the same sponsor, I receive a Form 5498 indicating a "rollover contribution" for that amount. This is all pre-tax dollars from the 401K account that are rolled over into a traditional IRA. In TurboTax, on line 1 of form 8606, do I include the $5,000 rollover contribution as a "nondeductible contribution" or just zero in that line if I made no other contributions to a traditional IRA? Entering the $5,000 would adjust the basis of my prior years IRAs but in a rollover, my understanding is that it does not affect the basis if made from pre-tax 401K funds to rollover IRA. Can anyone confirm or clarify? thanks, 

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Accepted Solutions

401K to traditional IRA rollover


@K4tex123 wrote:

Thanks for the reply, so line 1 of  form 8606 is left blank then? If no other contributions made.


Right.

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3 Replies

401K to traditional IRA rollover

Doing a tax-free rollover from a pre-tax 401(k) to a traditional IRA does not adjust the basis of the IRA. 

401K to traditional IRA rollover

Thanks for the reply, so line 1 of  form 8606 is left blank then? If no other contributions made.

401K to traditional IRA rollover


@K4tex123 wrote:

Thanks for the reply, so line 1 of  form 8606 is left blank then? If no other contributions made.


Right.

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