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joshandtoniasell
New Member

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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dmertz
Level 15

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?

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.

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dmertz
Level 15

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?

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.

View solution in original post

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