Can you provide instructions of how to enter after tax 401K rollover to Roth IRA, with profits being moved to a traditional IRA? I only received 5498 forms from my bank.

[GeorgiaOnMyMind]

I contributed after-tax to my 401k and did in-service transfers of the principle to a Roth IRA and the earnings to a Traditional IRA. Can you help me with how to answer the questions in TurboTax to not pay a penalty?

[macuser_22]

Don't you have a 1099-R form the 401(k) plan administrator that reports that?

If done in 2019, they were required by law to get the 1099-R to you no later the Jan 31, 2019.   If you did not receive it, contact the plan administrator for a copy.   You cannot file without it.

[GeorgiaOnMyMind]

I will follow up with the bank to ask about the 1099-R, and I'll report back!

[macuser_22]

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@GeorgiaOnMyMind wrote:

I will follow up with the bank to ask about the 1099-R, and I'll report back!

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NOT the bank that received the rollover, the 401(k) plan administrator where the money came from issues the 1099-R.   (The bank only issued a 5498 that you received but does not go on a tax return - it is information to you.)

[GeorgiaOnMyMind]

Thank you for the information.  My 401k administrator had the 1099-R, and I entered it into TurboTax.  It still says I'm making an excess Roth contribution when I'm on the 5498 entry screens.  Can you help?

[macuser_22]

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@GeorgiaOnMyMind wrote:

Thank you for the information.  My 401k administrator had the 1099-R, and I entered it into TurboTax.  It still says I'm making an excess Roth contribution when I'm on the 5498 entry screens.  Can you help?

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You do not enter anything into the IRA contribution section at all.

Do you have a single 1099-R and part went to a Roth and part to a Traditional IRA?

TurboTax does not support a single 1099-R split between two destinations - it must be entered a spacial way with two 1099-R's.

What code is in box 7?

what is in box 2a,

What is in box 5?

[GeorgiaOnMyMind]

Do you have a single 1099-R and part went to a Roth and part to a Traditional IRA?  -- Yes

What code is in box 7?  -- G

what is in box 2a,  -- $0

What is in box 5?  -- $9,913.98

[macuser_22 · Accepted solution]

TurboTax does not directly support a single 1099-R going to two different destinations.

What you must do is split the 1099-R into two 1099-Rs.

For the amount rolled to the Traditional IRA.

1) In box 1 use the original 1099-R box 1 minus the box 5 amount.

2) Box 2a = 0.

3) Box 5 = blank.

4) Box 7 = G.

5) Answer NO to the two interview questions that ask about a Roth - the default is a Traditional IRA.

For the amount rolled to the Roth IRA.

1) In box 1 enter the original box 5 amount.

2) Box 2a - 0.

3) Box 5 = original box 5 amount.

4) Box 7 = G.

5) Answer NO to the first interview question about a 401(k) Roth and YES to the rollover to a Roth IRA.

That should properly report the 1099-R. The box totals of the two 1099-R should equal the amounts on the original 1099-R.

Nothing about splitting into two 1099-R's go on a tax return - the IRS only gets the dollar amounts on the 1040 form.

[GeorgiaOnMyMind]

Thank you so much!  This was breaking my brain!!