I left my employer in 2017. Rolled a pension to a traditional IRA. Rolled a 401K (which included BOTH pre-tax and after-tax contributions) to Fidelity. Fidelity put my after-tax amount into a ROTH account (so this went from after tax to after tax acct) and then the pre-tax amount went to a traditional Fidelity IRA. The payor sent 1099Rs showing all went to a regular IRA, but then I received 5498 forms from Fidelity which separate out the Roth from the traditional IRA. I'm concerned because the 1099R shows all going to IRA... But I did contribute part of my 401K post-tax, as I mentioned, so I would think that would not have a tax consequence anyway for a direct rollover. But I'm so confused - help! Do I need to have the 1099R corrected or is it ok as is? I'm worried the IRS will get the 5498 for the Roth and not understand that this came from the post-tax portion of my 401K!
You'll need to sign in or create an account to connect with an expert.
A Form 1099-R does not indicate what type of account a 401(k) distribution is rolled to. If the Form 1099-R for the distribution from the 401(k) has code G in box 7, shows a zero in box 2a and the after-tax amount in box 5, the Form 1099-R is correct.
However, TurboTax does not gracefully handle split distributions. Enter the pre-tax and after-tax rollovers separately by splitting the Form 1099-R into two. (Another method is to enter the entire amount as having been rolled entirely to a Roth IRA and then indicate that a portion was recharacterized, leaving only the after-tax money in the Roth IRA, but 2017 is that last year that the recharacterization method will work due to the tax-law changes recently enacted that will result in changes to TurboTax for 2018.)
A Form 1099-R does not indicate what type of account a 401(k) distribution is rolled to. If the Form 1099-R for the distribution from the 401(k) has code G in box 7, shows a zero in box 2a and the after-tax amount in box 5, the Form 1099-R is correct.
However, TurboTax does not gracefully handle split distributions. Enter the pre-tax and after-tax rollovers separately by splitting the Form 1099-R into two. (Another method is to enter the entire amount as having been rolled entirely to a Roth IRA and then indicate that a portion was recharacterized, leaving only the after-tax money in the Roth IRA, but 2017 is that last year that the recharacterization method will work due to the tax-law changes recently enacted that will result in changes to TurboTax for 2018.)
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
AustinCrew
Returning Member
jeanross200-yaho
New Member
nago870285
Level 1
mywedding55
New Member
cynbush2022
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.