IRA rollovers

ROJOBE · ‎April 13, 2021

My husband retired in 2020. We rolled his pension over to an IRA and a portion of it to a Roth IRA.

I am not clear on having to pay taxes on any of it.

npierson7 · ‎April 13, 2021

It is shown on your form(s) 1099-R. The amounts there suppose to have different distribution codes and based on the codes tax software does the calculation what part of the rollover was taxable in 2020. You need to keep your statement from your retirement account to keep truck of you basis, what was pre-tax and what was after-tax money.

macuser_22 · ‎April 13, 2021

Do you have a single 1099-R for this?

What code is in box 7.

What is in box 2a?

What is 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.**