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Level 1

I contributed to my defined benefit retirement plan with after tax funds, I rolled over the funds in the plan to a traditional IRA. How do I report that?

I am referring to an annuity based defined benefit plan not a Roth

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Level 7

I contributed to my defined benefit retirement plan with after tax funds, I rolled over the funds in the plan to a traditional IRA. How do I report that?

A "G" is a direct rollover.

You will enter the 1099R as follows:

To enter pension and annuity Payments (1099-R)
•    Click on Federal Taxes
•    Click on Wages and Income
•    Click on I'll choose what I work on (if shown)
•    Scroll down to Retirement Plans and Social Security
•    On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Due to having after tax funds in the IRA, you need to track the basis so when you do start taking money out only a percentage is taxable income to you.


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Level 7

I contributed to my defined benefit retirement plan with after tax funds, I rolled over the funds in the plan to a traditional IRA. How do I report that?

You have a 1099R for the rollover correct?

Is there an amount in Box 5?

What is code in Box 7?
Highlighted
Level 1

I contributed to my defined benefit retirement plan with after tax funds, I rolled over the funds in the plan to a traditional IRA. How do I report that?

I have a 1099R, there is no amount in box 5, the code in box 7 is G
Level 7

I contributed to my defined benefit retirement plan with after tax funds, I rolled over the funds in the plan to a traditional IRA. How do I report that?

A "G" is a direct rollover.

You will enter the 1099R as follows:

To enter pension and annuity Payments (1099-R)
•    Click on Federal Taxes
•    Click on Wages and Income
•    Click on I'll choose what I work on (if shown)
•    Scroll down to Retirement Plans and Social Security
•    On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Due to having after tax funds in the IRA, you need to track the basis so when you do start taking money out only a percentage is taxable income to you.