Is the conversion step of megabackdoor conversion considered an IRA contribution?

[Corysnyder28]

Let's say I did the following megabackdoor conversion:

1) I contributed $30K in after-tax bonus money to my company's 401K.

2) I did a megabackdoor conversion, converting that $30K from my company's 401K to a Roth IRA.

When I'm filling out tax forms, would I report that $30K as a Roth IRA contribution, or a 401K contribution?

For tax reporting purposes, my sense is that it's a *401K contribution*, and gets to my Roth IRA via conversion (not contribution). Have I got that right?

[Critter]

In the TT program it is NOT any kind of contribution ... do NOT make any entries in the contribution section.

Now did you ONLY have the 30K after tax amount in the 401K ?   Or were there other contributions ?   

Did you convert the entire amount in the 401K?   

Was the after tax contributions really to the 401K  or were they made to a ROTH 401-K ?

What was the box 7 code on the 1099-R ? 

[macuser_22]

Also what is in box 2a and box 5 on the 1099-R?

[Corysnyder28]

Thanks for the response. Answers inline:

Now did you ONLY have the 30K after tax amount in the 401K ?   Or were there other contributions ?   

>> There's other money in the 401K, and there were other contributions made to it as part of my company's 401K plan.

Did you convert the entire amount in the 401K?   

> > No. Only $30K converted into the Roth IRA. In fact, I opened the Roth IRA for the s

>> sole purpose of making this $30K conversion.

Was the after tax contributions really to the 401K  or were they made to a ROTH 401-K ?

>> It was converted to a Roth IRA, not a Roth 401-K

What was the box 7 code on the 1099-R ? 

>> I  actually didn't get a 1099-R. I made this contribution + conversion in Jan 2020. Does that mean I shouldn't account for this in any way until I file taxes for TY2020 next year? 

[Critter]

You have nothing to report until you complete the 2020 return next year ... be on the look out for the 1099-R form to come in January 2021.

[macuser_22]

If you specifically instructed the 401(k) administrator to transfer the after-tax money to a Roth IRA and it was done as a direct trustee-to-trustee transfer (they can give you a check made out to your Roth IRA to deposit with the IRA trustee) then the 1099-R that you should receive in Jan. 2021 should have a code G in box 7, zero in box 2a and the after-tax money in box 1 and box 5.

[macuser_22]

BTW - this has nothing to do with a "backdoor" it is simply a 401(k) to Roth IRA rollover of after-tax money.