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Level 1
posted Mar 15, 2021 7:14:06 AM

If I have a 401k rollover contribution that was sent directly to a roth ira and part to traditional ira= $0 taxable income correct?

0 3 407
3 Replies
Expert Alumni
Mar 15, 2021 8:51:51 AM

No.  The part of your 401(k) that was rolled over to a Roth IRA is taxable.  If this occurred in 2020, you should have received a Form 1099-R for each rollover.

Level 15
Mar 15, 2021 9:04:20 AM

If they only sent one 1099-R form you will need to split it into 2 entries  one for each rollover as the program doesn't handle mixed rolls well. 

Level 15
Mar 15, 2021 10:27:49 AM

The answer to the original question is, "it depends."  If the amount rolled over to the Roth IRA was no more than the amount shown in box 5 of the Form 1099-R, no part of these distributions from the traditional account in the 401(k) is taxable.  Otherwise, any amount rolled over to the Roth IRA in excess of the amount in box 5 is taxable.