503234
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

wanthelp2
New Member

I rolled over my 401k from ex employer to my roth ira. Sent to me then I deposited all of it into my roth. how do i get it off my taxable income? it wasn't to be taxed

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I rolled over my 401k from ex employer to my roth ira. Sent to me then I deposited all of it into my roth. how do i get it off my taxable income? it wasn't to be taxed

That indicates that you rolled over a before tax 401(k) plan to an after-tax Roth IRA.   You must pay the tax on the box 2a amount of the roller.    Only a rollover to a Traditional IRA would be tax free since both the 401(k) and Traditional IRA are before tax accounts.

Conversions from a before tax account to an after-tax account is always taxable unless you had after-tax contributions in the account, but a blank box 5 indicates you had none.

You were mistaken if you thought that it would not be taxable.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

3 Replies

I rolled over my 401k from ex employer to my roth ira. Sent to me then I deposited all of it into my roth. how do i get it off my taxable income? it wasn't to be taxed

A 401(k) to Roth conversion is all taxable income.

What code is in box 7?
What is in box 2a?
Is anything in box 5?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
wanthelp2
New Member

I rolled over my 401k from ex employer to my roth ira. Sent to me then I deposited all of it into my roth. how do i get it off my taxable income? it wasn't to be taxed

box 7=g      2a=the amount i rolled over      box 5=0.000

I rolled over my 401k from ex employer to my roth ira. Sent to me then I deposited all of it into my roth. how do i get it off my taxable income? it wasn't to be taxed

That indicates that you rolled over a before tax 401(k) plan to an after-tax Roth IRA.   You must pay the tax on the box 2a amount of the roller.    Only a rollover to a Traditional IRA would be tax free since both the 401(k) and Traditional IRA are before tax accounts.

Conversions from a before tax account to an after-tax account is always taxable unless you had after-tax contributions in the account, but a blank box 5 indicates you had none.

You were mistaken if you thought that it would not be taxable.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question