topic In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth IRA in Fidelity. How to enter in Turbotax? Please let me know step by step in Retirement tax questions

In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth IRA in Fidelity. How to enter in Turbotax? Please let me know step by step

tax13 — Tue, 04 Feb 2020 21:38:55 GMT

I have two 1099-R forms on this process. One is from the TIAA with G code and The other is from the Fidelity with 2 code.

Re: In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth I...

DanaB27 — Tue, 04 Feb 2020 21:37:35 GMT

You should have gotten a 1099-R. Please follow these instructions to enter your Form 1099-R :

Login to your TurboTax Account
Click "Federal" from the left side of your screen
Click "Wages & Income" on the top
Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)"
Answer "Yes" to the question "Did You Have Any of These Types of Income?"
Click "I'll Type it Myself"
Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
Click "Continue"
Enter your Form 1099-R
Continue until you get to the question "Rollover of 401(k) to Roth 401(k)" and answer "No"
Answer "Yes" to the "Was this Money Rolled Over to a Roth IRA?" question
Continue to answer the next few questions.

Re: In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth I...

tax13 — Wed, 05 Feb 2020 00:40:40 GMT

Which 1099-R form should I use? TIAA or Fidelity?

Re: In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth I...

VictorW9 — Wed, 05 Feb 2020 01:26:21 GMT

You should receive two tax forms. A 1099-R reporting the distribution and a form 5498 reporting that you made the rollover contribution. However, this rollover from an account funded with pre-tax dollars to an Roth account funded with after-tax dollars can trigger a tax liability. The TIAA 1099-R may have already withheld taxes and that's the 1099-R you should be using in your taxes.

Re: In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth I...

tax13 — Thu, 06 Feb 2020 00:10:52 GMT

Let me describe more in details:

In TIAA form, 1. Gross distribution: xxxx, 2a. Taxable amount: 0.00, 2b-4: blank, 5. 0.00, 7. Distribution code: G.

I guess this TIAA form is for the 403(b) to Rollover IRA conversion.

In Fidelity form, 1. Gross distribution: xxxx, 2a. Taxable amount: xxxx, 2b. checked in two boxes, 3-6: blank, 7. Distribution code: 2 with checked box.

I guess this Fidelity form is for Rollover IRA to Roth IRA conversion.

Both forms does NOT have taxes withheld.

TIAA form rather than Fidelity form is still appropriate for the tax report by following the above step-by-step instruction?

Thank you so much.

Re: In 2019, I converted all the money from 403(b) in TIAA via Rollover IRA in Fidelity to Roth I...

dmertz — Thu, 06 Feb 2020 01:04:25 GMT

Both must be entered. When entering the code G Form 1099-R be sure to answer No to each of the questions asking about a rollover to a Roth account. The box 1 amount from the code G Form 1099-R will be included on Form 1040 line 4c but will not be included on line 4d and will not add to your taxable income. The word ROLLOVER will appear next to line 4d

Assuming that you have no basis in nondeductible traditional IRA contributions previously reported on a Form 8606, the code 2 Form 1099-R will be included on line 4b and line 4a will be blank. The amount on line 4b is the only amount that adds to your taxable income.