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New Member
posted Feb 22, 2024 9:32:15 AM

I left a job and was able to roll my pension into a Roth IRA, it was not a contribution how and where do I classify this?

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1 Best answer
Level 15
Feb 22, 2024 9:40:08 AM

You only enter the 1099R from the pension or 401k.  Do not enter it again under Deductions, it is not a new contribution.  

 

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

3 Replies
Level 15
Feb 22, 2024 9:37:57 AM

You did a conversion which is taxable. 

Level 15
Feb 22, 2024 9:40:08 AM

You only enter the 1099R from the pension or 401k.  Do not enter it again under Deductions, it is not a new contribution.  

 

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

Level 15
Feb 22, 2024 9:42:36 AM

By the way, do you realize that converting it to a ROTH IRA made it all taxable now?  Did you mean to roll it over to a Traditional IRA?  Did they take any tax withholding out of it?