To clarify the contributions of the employer were pre-taxed contributions, correct? Therefore that amount will be taxable when converted to a Roth.
Code G only means it was a direct transfer/rollover. If it would have been a rollover (from a pre-tax to a pre-tax account) then it would not have been included in the taxable income. But since it was a conversion from a pre-tax account to an after tax account then the amount transferred is taxable income.
Please follow these steps o enter your 1099-R:
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R” enter your 1099-R
- Answer all questions carefully
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Thank you for the assistance!
You are correct, I was converting employer contributions that were pre-tax.
I filled out the 1099-R on Turbotax. Do I also have to fill out form 8606?