1099 and 5498

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DanaB27:

I have spoken with Fidelity and was told our account(s) with them are traditional IRA.

Thank you for helping me with my confusion on what to put down on our tax return.

Susan

DanaB27

Employee Tax Expert

If you split the 401k into a traditional IRA and Roth IRA then you will have to split Form 1099-R into two separate Forms for TurboTax to handle this situation. One for the rollover to the traditional IRA and one for the conversion. As long as the total and distributions codes match entering it like this will not cause a problem.

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter the first 1099-R for the rollover into the traditional IRA:
1. Box 1 Enter amount send to traditional IRA
2. Box 2b "Taxable amount not determined" check
3. Box 5 blank
On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "No"
Enter a second 1099-R for the conversion to Roth IRA:
1. Box 1 Enter amount send to Roth IRA
2. Box 2b "Taxable amount not determined" check
3. Box 5 enter amount listed on Form 1099-R
On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "Yes"