Greetings,
In 2021 I rolled an IRA into a 401k. I have the 1099-R from fidelity.
When I enter this into TurboTax I get a confusing warning message indicating that there must be something wrong with my 1099-R form, but I've confirmed with fidelity that the form is correct.
This is what I do:
Who does this 1099-R belong to? ...
Who gave you a 1099-R? Financial Institution or other Provider (1099-R)
Enter your 1099-R provider’s info....
Enter your 1099-R details:
Box 1 - Gross distribution: $10,000
Box 2a - Taxable amount: $0
Box 3-6 blank
Box 7: G
I have more than one value in Box 7: unchecked
IRA/SIMPLE/SEP box is checked: checked
Box 8-11: Blank
Account Number: xxxxx
Box 13: blank
Box 12 - FATCA filing requirement box is checked: unchecked
Box 14: blank
Box 15 - State Number: xxxx
Box 16: blank
Do any of these situations apply to you?
I moved some or all of this money to my HSA as a one-time contribution
I need to file a substitute 1099-R
The corrected box is checked on this 1099-R
None of these apply
Did you move the money to a Roth IRA?
For rollovers to other types of retirement accounts (such as a traditional IRA), just answer No.
Yes, this money was rolled over to a Roth IRA
No, I didn’t
This is the result I get:
Double check Box 7 and the IRA box on your 1099-R
You indicated that you converted a traditional IRA to a Roth IRA with Code G in Box 7. However, if this is true it should have Code 1, 2, or 7 instead.
If the money you took out isn’t from a traditional IRA, then the IRA box should not be checked.
If you need to make changes, select Back. If this matches exactly what’s on your form, we recommend you contact your provider to correct it.
I'd like to file with TurboTax again this year but I want to make sure this rollover is documented correctly in my tax filing. From what I understand I can only verify a preview of the 1040 form after I have paid but before I submit the tax return
Thank you for any suggestions
At first glance, this appears to be a bug in TurboTax; it is behaving as if you answered "Yes" instead of "No" to the "rollover to Roth IRA" question. Let me refer this to someone else who can look at the issue. DO NOT file your return in TurboTax until it is fixed.