Hello I am using Turbo Tax online version and I received a 1099 R for my After Tax 401 contributions with Box 1 and Box 5 showing rollover amount and Box 7 showing code G for rollover. There is no taxable income reported in Box 2.
Now when I filed taxes with online version, it is correctly populating the rollover amount in box 5a on From 1040, but it is not inserting a text comment "Rollover" next to it.
My friend using a desktop version has the amount reported in Box 5a and 1040 form and a word "Rollover" right next to it. is this a bug in the online software and how can I be sure if turbo Tax is reporting my after-tax rollover to Roth correctly to the IRS?
Thank you
Shekhar
Code G in box 7 of your form 1099-R means Direct rollover of a distribution to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA.
The rollover is not taxable.
It is not necessary to mark Rollover on line 5 of form 1040.
Thank you, the online and desktop versions seem to function differently. Can we report this bug? I guess I can proceed with my taxes.