Using TT2024 Desktop Deluxe with latest software updates, 1099-R box 2A (taxable amount) is not transferring to 1040-SR line 5b. Distribution Code G. Going through the various follow up questions on 1099-R box 2A, I indicated that yes this was taxable (conversion to Roth IRA). Have there been any other issues with this reported to you. Thanks very much.
I believe you have to break up the one 1099R and enter 2 for that situation. @dmertz
Your problem may be the code "G" in box 7. Per these instructions in TurboTax, if you converted a traditional IRA over to a Roth IRA, you should have codes 1, 2, or 7 in box 7. You may have to ask your broker for a corrected Form 1099-R.
IF it went from a traditional retirement acct of some kind to a ROTH retirement account, then you need to answer some follow-up questions after the main form that indicate what type of ROTH it went into, only then do the $$ in box 2a show up for it in 1040, line 5b.
Just tried it for a 401k-to-ROTH IRA and worked OK, Box 1 $25,000, box 2a $20,000, box 5 $5,000 and 20,000 ended up on line 5b of 1040/1040SR
Yes, you can have a G in box 7, for directly sending from a traditional acct to a ROTH acct. (at least it worked for me for several years when I did so just before reaching RMD age, without another code...AND I just did so with Desktop Premier with no errors noted)
,,,but maybe not if the following is the case??
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i.e. WAIT ! Was the person for that 1099-R age 73 or older in 2024?
If so, then you have to make sure the person's RMD is taken first, and if that is the case, could be some issues with how it has to be reported.
Thanks for the responses. I just contacted the financial institution and they confirmed that the 1099-R was coded correctly for Code G in box 7. Two transactions took place in 2024 and are supposedly covered by this single 1099-R with the one Code G:
The sum of both transactions above is shown in Box 1.
Proceeding to the 3rd check sheet following the filled in 1099-R form you come to the "Was this money rolled over to a Roth IRA account?" sheet.
There is not a check sheet to indicate that only a portion of the amount in Boz 1 is a Roth IRA (to reflect the amount shown in Box 2) and the balance being a rollover to a Traditional IRA.
Any suggestions.
I believe you have to break up the one 1099R and enter 2 for that situation. @dmertz
Yes this works. I will just have to explain what I did if I am audited, since I will not have two separate 1099's. Thanks very much for your help.
Nothing on your filed tax return will indicate that you split the form into two to accommodate TurboTax, so there is nothing for the IRS to question regarding how you entered this.