Hi folks. i have total 6 1099-r files.
1) 1 file is 6000 traditional ira roll over.
2) 5 files are the megabackdoor contribution from 2 employers
I know the total contribution for megabackdoor is 61,000. I contributed 20500 to 401k myself. i don't have employee match i think (The company match doesn't vest since i didn't stay over 2 years)
out of this 5 1099-r files.
Employer #1.
1. box1(total): 32709.45, box5(employee contri): 32709.45, box7: code "H", the rest are all 0
2. box1(total): 60718.90, box5(employee contri): 31819.44, box7: code "G", the rest are all 0
3. box1(total): 0.00, box5(employee contri): 109.99, box7: code "1B", the rest are all 0
Employer #2.
1. box1(total): 2235.73, box5(employee contri): 2187.50, box7: code "H", the rest are all 0
2. box1(total): 4879.81, box5(employee contri): 4879.81, box7: code "G", the rest are all 0
How do i calculate the total contribution for 2022? is my mega-backdoor overcontributed? could someone help me list the formula? do i just look at the 1099-r with code having H only? or code having G only?
I am too confused... Thanks!
It seems the Form 1099-R with code G was for the conversions from the 401(k) into the Roth 401K. The second Form 1099-R with code H was for the rollover from the Roth 401K into the Roth IRA.
If this is correct then you would only look at only at the Form 1099-R with code G to determine your contribution amounts.
Please make sure you enter all Form 1099-R as shown into TurboTax and answer all follow-up questions carefully.