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?
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.
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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