Rollover conversion

billy1957 — Wed, 29 Jan 2025 02:23:41 GMT

I did a small Roth rollover conversion in 2024, within my Vanguard account. (Vanguard IRA brokerage account to Vanguard Roth IRA) How do account for this in my income? I didn't receive a 1099 for this conversion amount from Vanguard. Thanks!

Re: Rollover conversion

ThomasM125 — Wed, 29 Jan 2025 02:34:38 GMT

You should receive the 1099-R Form from Vanguard. You may have to log into your account online and print it out. If you don't you will need to enter into TurboTax a substitute form 1099-R as follows:

To enter a substitute form 1099-R in Turbo Tax Desktop follow these instructions:

Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add (Another) 1099-R
Choose I'll type it in myself
On the screen that says Tell Us Which 1099-R You Have choose I need to prepare a Substitute 1099-R

To enter a substitute form 1099-R in Turbo Tax Online follow these instructions:

Find the Retirement Plans and Social Security menu option in the Wages and Income section of TurboTax
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add (Another) 1099-R
Choose I'll type it in myself
Choose the source of your 1099-R form
Enter your pension income into the Form 1099-R entry screens
When you come to the screen that says Do any of these situations apply to you? Check the box that says I need to file a substitute 1099-R and follow the instructions

You would enter the gross rollover amount in box 1 and the taxable portion of it in box 2a. You would check the IRA box underneath box 7 and enter code 7 in box 7 for normal distribution. Then, answer the questions in the rest of the 1099-R entry screens.

Re: Rollover conversion

fanfare — Thu, 30 Jan 2025 03:55:01 GMT

You should find your form online as of Jan 27.

@billy1957

topic Re: Rollover conversion in Retirement tax questions

Rollover conversion

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