To clarify, what is the code in box 7 of your Form 1099-R? Was this rollover from a Designated Roth account?
The code is "H". It was a qualified Roth IRA. The plan allowed me to set a certain percentage of my pay towards a 401k and a certain percentage towards the Roth IRA. Also, I am over 59 1/2
The Roth account in the employer plan was a designated Roth account in the employer plan, not a Roth IRA. When you enter the code-H Form 1099-R into TurboTax, TurboTax will automatically treat the box-5 amount as an addition to your Roth IRA contribution basis.
Thank you for that explanation regarding designated Roths. This leads me back to my original question. Do I still need to enter any further information regarding contributions that are not already in box 5? If so, how would I determine the contribution basis? I've never received any tax forms (8606 etc.- I'm assuming it was reflected in my W-2 in previous years) for this account until rolling it over this year (only received 1099-r). Since this is a rollover not a withdrawal do I bypass this step?
Regarding contributions that you made directly to the Roth IRA, normally you would have been entering those into TurboTax over the years so that TurboTax could maintain the tracking of those. If you haven't been doing that, you would need to enter into 2024 TurboTax your basis from contributions made for years prior to the 2024. For an ordinary Roth IRA contribution made for 2024, you would enter that under Deductions & Credits.
Nothing reported on your W-2 is a Roth IRA contribution. Enter amounts in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.
Ok, that makes sense. But if it was contributions taken directly from a paycheck how would I reflect that? thank you!