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At my request, Fidelity transferred some money from my 401K to Roth. How do I report this transaction in Turbo tax?

 
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At my request, Fidelity transferred some money from my 401K to Roth. How do I report this transaction in Turbo tax?

If this transfer occurred in 2019 then you will receive a Form 1099-R in January 2020 from the plan administrator.  Enter the 1099-R as received in the TurboTax program on the 2019 tax return to be filed in 2020.

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

At my request, Fidelity transferred some money from my 401K to Roth. How do I report this transaction in Turbo tax?

If this is a traditional 401(k) and not a 401(k) Roth (designated Roth) then  you have converted before-tax 401(k) money to after-tax Roth money so you will have to pay tax on the amount of the conversion as ordinary income at your marginal tax rate.

**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.**
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