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Level 2

Question

In Plan Conversion

Forum|Forum|6 years ago
March 20, 2020
2 replies
0 views

My employer 401k plan allows for pre tax and Roth contributions as well. The pre tax and roth contribution combined limits are $19000. I DO NOT directly make any Roth contributions. I however, make post tax contributions to 401k (combined limits for all contributions are 50k) and then do the "in plan conversion" to Roth. I receive 1099-R for this conversion. Is this 1099-R reporting a rollover of funds from 401k plan to a "Designated Roth 401k" plan?

Level 15

Yes, your 1099-R may report a Rollover from your 401K to a Roth 401K.

Enter your 1099-R as shown, and pay attention to the follow-up questions asked in TurboTax.

If you received a pre-tax deduction for your 401K Contribution, you will be taxed on the amount you rolled into the Roth 401K.

Click this link for more info on 401K Rollover to Roth.

[Edited 03/20/2020 | 7:58 PM]

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Level 15

Yes, this is an In-plan Roth Rollover to the Designated Roth Account in your 401(k) plan.

(It has nothing to do with a Roth IRA.)