1099-R

[htjones]

I rolled over a 401k to a roth ira in December 2020.

My 1099R shows no taxable amount in box 2a and 2b.  When entering this 1099R into Turbotax and answering the question stating that I am rolling over this 401k to a Roth, turbotax still does not count the amount as taxable.  

Can someone help

[macuser_22]

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@htjones wrote:

I rolled over a 401k to a roth ira in December 2020.

My 1099R shows no taxable amount in box 2a and 2b.  When entering this 1099R into Turbotax and answering the question stating that I am rolling over this 401k to a Roth, turbotax still does not count the amount as taxable.  

Can someone help

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Is the box 7 code  G?

A zero in box 2a indicates that the 1099-R insurer directed the rollover to a Traditional IRA, not a Roth or box 2a would probably the same as box 1.

If you were issued  a check to deposit the  it shoukd have been payable to your Traditional IRA and should never have ended up in a Roth.

[htjones]

Yes, box 7 is coded G.

The check was sent directly to my new broker.

If the 1099R was sent wrong, how should I handle this with my tax return?

[macuser_22 · Accepted solution]

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@htjones wrote:

Yes, box 7 is coded G.

The check was sent directly to my new broker.

If the 1099R was sent wrong, how should I handle this with my tax return?

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If the check was made out properly then your broker should have deposited it into a Traditional IRA and not a Roth.   I doubt that the 401(k) plan will issue a corrected 1099-R, but the rules say you must ask them.

Assuming that they refuse to issue a corrected 1099-R then you use a substitute 1099-R instead (there is an option for a substitute on the IRA type screen).

Enter everything the same as your 1099-R but make box 2a the same as box 1.   Answer NO to the rollover to a 401(k) and YES to the rollover to a Roth IRA question.    Enter  explanation statement that the rollover went to a Roth and not a Traditional IRA and the 401(k) plan refused to re-issue the 1099-R.

[htjones]

Thank you very much.  You have been very helpful.