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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:
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?
Pat
Form 8606 only applies to IRAs. A 401(k) is not an IRA, so this code-G taxable rollover does not get reported on Form 8606.
That was extremely helpful. Thank you both so much!
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