TurboTax can properly report your rollover. A conversion to a Roth IRA results in taxation of any previously untaxed amounts.
Preview Form 1040. Look on Lines 5a and 5b, the taxable amount from Form 1099-R will be on line 5b.
Ok, if it went into the traditional IRA then it is not a taxable event.
And based on the information that you have provided there is no way to know whether your rollover was entered correctly on your 2022 tax return. However, I can tell you that the taxable amount cannot be greater than the total distribution so you are either reading that wrong or your tax return is very wrong.
Would Turbo Tax have done this correctly?
Also, how would I check that it has been done correctly? What do I look for on my tax return?
TurboTax can properly report your rollover. A conversion to a Roth IRA results in taxation of any previously untaxed amounts.
Preview Form 1040. Look on Lines 5a and 5b, the taxable amount from Form 1099-R will be on line 5b.
There is no line 5a nad b on the Form 1099-R. Line 2a says the taxable amount is $0. I assume this is because it was a direct rollover? Should I have paid taxes on that in 2022?
5a and 5b are on the form 1040, not the 1099-R. You asked how to see if the taxable amount was being processed correctly and @DawnC told you to look at your form 1040.
If your 1099-R says that the taxable amount is zero then that is weird. You didn't pay taxes on the money that you put into the 457(b). So when you take it out you should have to pay taxes on it. Are you sure this is a 457(b) that the money is coming out of? Also, on the 1099-R, there is a little box that says 'taxable amount not determined'. If that box is checked then it's possible that the managers of your 457(b) plan are just being lazy. It's also possible that the money was rolled over into a traditional IRA instead of a Roth IRA.
I found it on my IRA statement that it went into the traditional IRA, but now that I'm looking at my 1040 for that year, line 5a and b says there was a taxable amount due to a rollover of 5,881, but the 1099-R says the gross distribution amount was 4,700.19. So my final question is was this done correctly? And thanks so much for your help on this!
And I should note that I have received no distributions yet, only that rollover.
Ok, if it went into the traditional IRA then it is not a taxable event.
And based on the information that you have provided there is no way to know whether your rollover was entered correctly on your 2022 tax return. However, I can tell you that the taxable amount cannot be greater than the total distribution so you are either reading that wrong or your tax return is very wrong.