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bwagenma
New Member

In 2016 I converted funds from a 401-K/PSP to my traditional IRA, and also making a 2016 contribution to the IRA. How do I report BOTH separately in TurboTax?

The software seems to allow reporting of one or the other, but not both of these amounts.  Any help would be appreciated!
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1 Best answer

Accepted Solutions
Fern
New Member

In 2016 I converted funds from a 401-K/PSP to my traditional IRA, and also making a 2016 contribution to the IRA. How do I report BOTH separately in TurboTax?

The conversion of funds will be reported in the Retirement Income Section in Turbo Tax.You should have received a 1099 R for this transaction.

To enter a 1099-R:

Select Federal Taxes
Select Wages & Income
Scroll down and select start or review next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
Enter the information from the 1099 R you received


To enter your contribution to an IRA:

• Select Federal Taxes
• Select Deductions and Credits
• Select Show More at Retirement and Investment
• Select Start at Traditional and Roth IRA contributions

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1 Reply
Fern
New Member

In 2016 I converted funds from a 401-K/PSP to my traditional IRA, and also making a 2016 contribution to the IRA. How do I report BOTH separately in TurboTax?

The conversion of funds will be reported in the Retirement Income Section in Turbo Tax.You should have received a 1099 R for this transaction.

To enter a 1099-R:

Select Federal Taxes
Select Wages & Income
Scroll down and select start or review next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
Enter the information from the 1099 R you received


To enter your contribution to an IRA:

• Select Federal Taxes
• Select Deductions and Credits
• Select Show More at Retirement and Investment
• Select Start at Traditional and Roth IRA contributions
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