turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Question on Reporting After-Tax 401(k) Transfers and Taxable Earnings in 1099-R

 

Hello All,

I received a 1099-R form from Fidelity and have the following details:

1. I contributed $5,000 in after-tax dollars to my 401(k) after-tax account.

 

2.  I made multiple transfers from my after-tax 401(k) during the year—one transfer of $1,000 and another of $4,000.

3.  When I transferred the $1,000, I had earned approximately $15 in gains. I moved this $15 to my Rollover IRA account at Fidelity.

 

4. When I transferred the $4,000, I had earned a dividend of $50. I moved this amount from my after-tax 401(k) to my Roth IRA at Fidelity. Fidelity mentioned that I would have to pay taxes on this $50, which is reflected in Box 2 of my 1099-R.

 

My question is: How should I report these transactions correctly? Since one portion of the earnings went to my Roth IRA and another to my Rollover IRA, it seems that the amount moved to the Rollover IRA is also being taxed when I enter the form as is. How can I ensure that only the taxable portion is correctly reported?

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question