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posted May 31, 2019 9:42:13 PM

I have 2 1099-R. One removing $12k from old 401k. Other accepting that $ into roth ira. One had $12k taxable, the other $0 taxable. Problem:my 1099 total is 24k, that OK?

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1 Best answer
Level 15
May 31, 2019 9:42:15 PM

Because you did this in a two-step process with a traditional IRA in the middle, you have $24k of gross income of which only $12k is taxable.  The code G Form 1099-R with a zero in box 2a for the direct rollover from the 401(k) to the traditional IRA is not taxable.  TurboTax's income summary shows both taxable and non taxable income.

1 Replies
Level 15
May 31, 2019 9:42:15 PM

Because you did this in a two-step process with a traditional IRA in the middle, you have $24k of gross income of which only $12k is taxable.  The code G Form 1099-R with a zero in box 2a for the direct rollover from the 401(k) to the traditional IRA is not taxable.  TurboTax's income summary shows both taxable and non taxable income.