I received Form 1099-R for conversion of after-tax 401K contribution to Roth 401K. The form lists three items:
1. Gross distribution
2a. Taxable amount
5. Employee contrib/desig Roth contrib or insurance premiums
How do I account for the above in turbotax?
You can do the following in TurboTax to report your Form 1099-R:
Open your tax return
Click on the Search icon at the upper right of your TurboTax screen
Type "1099-R" in the search bar and hit enter
Click on the link "Jump to 1099-R"
This will take you to the 1099-R section of your TurboTax program.
if you need to add a new Form 1099-R, select "Add another 1099-R"
You can select "I'll type it myself"
Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
Continue through any TurboTax follow-up qyuestions.
You should enter the 1099-R into your TurboTax program exactly as it is printed. TurboTax will then ask you some follow-up questions, like the amount of your Roth IRA contribution basis.
Click here for the IRS instructions for Form 1099-R.
Click here for instructions on where to enter your Form 1099-R