401k to Roth IRA Conversion

[lwzhang22]

In 2024, I started a new job in September. I rolled and converted my prior 401k into my Roth IRA.

My prior 401k had a small portion of pretax money. The remaining was Roth. Therefore, I rolled over the pretax money to my traditional IRA and my Roth to my Roth IRA. Because I am staying tax deferred, there is no tax burden during this rollover. 

I then converted what I moved to my traditional IRA to my Roth IRA.

How can I reflect this in TurboTax, as I have two 1099-Rs (one for traditional IRA, one for Roth)?

[DanaB27]

To clarify, you have one Form 1099-R for the rollover from traditional IRA to Roth IRA and another Form 1099-R for when you moved funds from the 401k to traditional and Roth IRA (does it have code G/)?

If yes, then you will need to split the Form 1099-R with code G. Enter one From 1099-R to show what was rolled over to the traditional IRA and one Form 1099-R that will show the rollover of the after-tax funds to the Roth IRA. 

You will also enter the Form 1099-R for the rollover from traditional IRA to Roth IRA.

Please Where do I enter my 1099-R?

[lwzhang22]

Thanks. Yes, I have two 1099Rs. My Roth IRA 1099R has distribution code J. My Traditional IRA 1099R has distribution code 2.  Does this change your answer? Thank you

[lwzhang22]

I also have 4 1099Rs from my 401k account, with codes 8B, PB, H, and G.

[DanaB27]

Yes, you do not need to split the Form 1099-R with code G since you have separate Form 1099-R for rolling over the 401k funds.

For Form 1099-R with code G make sure you you say "No" to the follow-up questions "Did you move this money from a 401(k) to a Roth 401(k)?" and  "Did you move the money to a Roth IRA?"

For the conversion traditional IRA to Roth IRA, make sure you select in the follow-up questions that you converted the funds to Roth IRA.