Where to enter rollover from IRA to Roth IRA in TT?

[jaclacrjclec]

i received a form 5498 from fidelity and it shows my direct rollover from my 401k to my Roth IRA. I did not receive a 1099R. Fidelity refers to this as a direct rollover but i think TT considers it a conversion. I owe taxes on the amount rolled/converted yet that is not coming through when i enter my financials into TT.

[dmertz]

You've said both that that the funds came from an IRA and that the funds came from a 401(k).  It can't be both.  A 401(k) is not an IRA and an IRA is not a 401(k).

The custodian of the original account is required to have issued to you and to the IRS a Form 1099-R for this transaction.

[jaclacrjclec]

It's from a 401K.

Are you saying that Fidelity should issue a 1099R if the rollover came from a 401k to my Roth IRA? Is this considered a rollover or conversion?

[dmertz]

If there was a distribution from the 401(k) in 2023 such as what would happen if you did a rollover to a Roth IRA, the 401(k) plan is required to have issued a 2023 Form 1099-R reporting the distribution from the 401(k) that you must enter into TurboTax.

In the tax code this is technically called a taxable rollover and is reportable as a rollover contribution on the Form 5498 from the Roth IRA, which agrees with what Fidelity reported.  The term "Roth conversion" in the tax code is reserved for the taxable movement of funds from a traditional IRA to a Roth IRA.  However, in common usage the term "conversion" is used for both due to the similar (but not identical) nature of the two transactions.

[jaclacrjclec]

thank you. I will have to go back to Fidelity to straighten this out.