1099-R

[Tanners429]

In March of 2023, I rolled over my whole balance from a previous employers 401k to a traditional IRA. after a day or so I converted some of those funds to a Roth IRA. For tax filing, I have two 1099-Rs: one that documents the non taxable rollover and the other that documents the taxable conversion.

I entered in two separate entries on the wages and income section for retirement as I had 2 different 1099-R forms. However, it totaled those together for a combined total retirement income. Should it just be the rollover as the total retirement income? Or is the total retirement income include both the rollover and conversion (even though the conversion came from the funds I rolled over)? 

I want to make sure I’m doing this correct in reporting my retirement income.

[VolvoGirl · Accepted solution]

Yes it will show you the total of both.  If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Check lines 4b & 5b for any taxable amounts. For a rollover line b should be zero and the word Rollover by it. 

They should be on separate lines on your 1040.  The 401k rollover to IRA should be on line 5a  with 0 on 5b  saying Rollover.

The IRA to ROTH IRA is a conversion and the taxable amount should be on 1040 line 4b.  Make sure you check the little IRA box between boxes 7&8 on the 1099R.   

[Tanners429]

Ok thank you, I checked my 1040 and everything matched up as you described.