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ghy56
Level 1

401k in plan conversion to Roth - How to reflect in Turbotax? 1099R

I'm funding my 401k with both PRE-TAX and AFTER-TAX (non-roth) funds. Fidelity allows for "Daily roth in-plan conversion" of the after tax funds, which I did in 2020.

 

I'm having difficulty reflecting these after-tax to roth in-plan conversion funds in turbotax. I receive a 1099R from Fidelity, but the questions I'm asked about my Roth in-plan conversion in turbotax do not seem to fit the 1099R, and I keep getting the result of "roth over-contribution, penalty due, etc."

 

I'm in the Retirement and Investments Section, Traditional and Roth IRA Contributions.  

 

How/where do I enter after-tax roth in-plan conversions in turbotax on Mac? There is a guide that someone else has done, but it seems to be on a windows setup, at least it looks a lot different than my mac version.

 

https://thefinancebuff.com/mega-backdoor-roth-in-turbotax.html

 

 

1 Best answer

Accepted Solutions
macuser_22
Level 15

401k in plan conversion to Roth - How to reflect in Turbotax? 1099R

A "in plan" Roth is NOT an IRA.  Nothing gets entered into the IRA contribution section.

 

You enter the 1099-R and nothing else.

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

1 Reply
macuser_22
Level 15

401k in plan conversion to Roth - How to reflect in Turbotax? 1099R

A "in plan" Roth is NOT an IRA.  Nothing gets entered into the IRA contribution section.

 

You enter the 1099-R and nothing else.

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

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