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marykwoo
New Member

if I take money from a 403b account and put it into a roth account is that a contribution? or maybe it is a conversion.

 
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1 Reply

if I take money from a 403b account and put it into a roth account is that a contribution? or maybe it is a conversion.

Just a conversion.  You should get a 1099R for it.  It will be taxable.  It is not a new contribution so don’t enter it under Deductions & Credits.

 

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

 

After you enter the 1099R it will ask you some follow up questions.

 

Pick I moved it to another retirement account.  Then it will ask if it was to a ROTH.  

Then choose - I did a combination of rolling over, converting or cashing out the money
Then it will ask how much you converted to a ROTH

 

The whole gross amount (before taxes) is 100% taxable. Then you get credit for the taxes withheld on 1040 line 25b. 

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