Hi, I rolled over from a 401k to a roth IRA and I'm using turbo tax to file my taxes. On 1099r form for the 401k it says on Line 2 that I have zero taxible amount but I've been told that I will have to pay taxes when there is a rollover. When I try to complete the IRA page I'm confused.
You'll need to sign in or create an account to connect with an expert.
If you roll a traditional 401(k) over to a Roth individual retirement account (Roth IRA), you will owe income taxes on the money that year, but you’ll owe no taxes on the Roth IRA withdrawals after you retire.
The code-G Form 1099-R is incorrect unless box 5 has the same amount as is in box 1, which would only be true under very special, rare circumstances. For a direct rollover from a traditional 401(k) account to a Roth IRA, the amount in box 2a must be the amount in box 1 minus any amount in box 5.
Although the Form 1099-R is incorrect, you can cause TurboTax to treat the distribution as taxable by putting a zero in box 5 of the Form 1099-R and answering Yes, when asked if you rolled the money over to a Roth IRA.
Nothing about this rollover is to be entered anywhere under Deductions & Credits.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tsr-company
New Member
turnips
Returning Member
warddrennan
Level 1
debiandtim
New Member
navy-blaster49
New Member