If a 401K is rolled over to a standard IRA then converted to a Roth IRA in the same ear what is the taxable amount, the Standard IRA value or the converted Roth Value?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Deluxe Online

Best answer by Texas Roger

The standard IRA value is what is taxed.

babsjhatAuthor

Level 2

This is confusing because i have a 1099-R for the rollover amount and 2 Form 5498, 1 showing the total rollover amount and the other showing the converted amount after taxes.

Texas Roger

Answer

Level 15

The standard IRA value is what is taxed.

babsjhatAuthor

Level 2

It is more complicated. The original transfer from 401K to traditional IRAis correct as Dist. code G but it is being included in the total distribution column on the Turbo Tax 1099-R sheet together with the Conversion amount on the other 1099-R. Therefore these transactions are both listed as distributions