Hello,
Need help with 1099-R (for in-plan ROTH conversion)
I made the after-tax contributions to my company 401K and then performed in-plan ROTH conversion of the same amount. I received a Form1099R with code G.
After I entered all the entries for 1099-R, it asks me
Did you move this money from a 401(k) to a Roth 401(k)?
- Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan
- No, I didn’t
What should I select for my situation above? Could you please provide guidance on this?
You will select "Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan". TurboTax will ask about after-tax contributions in the follow-up question.
Thanks @DanaB27 for your response. Just to confirm one more thing. My 401K plan allows to contribute
1. Pre-tax contribution
2. Roth Contribution
3. After-tax contribution
Per IRS limits, contribution limits were $20,500 for #1 and #2 combined.
so over the $20,500 in pre-tax, I also contributed after-tax in #3 above ($61,000) - (Pre-tax $20,500 + Employer contribution). and then used the option of In-Plan ROTH conversion for the "After-tax" part only.
Does "In-Plan ROTH conversion" mean moving to a Roth 401(K)? or this Roth 401(K) is the #2 above (with combined limit of $20,500)?
Did you move this money from a 401(k) to a Roth 401(k)?
- Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan
- No, I didn’t
thanks in advance.
An In-Plan Roth Rollover is not a Roth contribution, not #2 (also not #1 or #3) above.
Also, the designated Roth account in your 401(k) is not a Roth IRA. Nothing about these contribution is to be entered under Deductions & Credits -> Traditional and Roth IRA contributions.