Question

How to report after tax 401k rollover to Roth 401k? Thanks!

Forum|Forum|2 years ago
March 6, 2024
1 reply
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Hi I know I need to do Form 8606 to report roll over from my individual Traditional IRA to Roth IRA.

But for my Employer Sponsored 401k plan, I have After Tax 401k contribution that I rolled over to Roth 401k, and received a 1099-R. Since they are both 401k, do I need to report this Roll over to IRS for my 2023 taxes? What forms do I need? Are there any special lines I need to fill out on my tax form? How to do that on Turbo tax?

Thank you so much!!! I appreciate any assistance you would kindly guide me in this matter 🙂

T

ThomasM125

Yes, you need to enter the Form 1099-R information in TurboTax:

Go to the personal income section of TurboTax
Find the Retirement Plans and Social Security menu option
Start or Update IRA, 401(k), Pension Plan Withdrawals (1099-R)
Choose Add a Form 1099-R
Choose I'll type it in myself
Choose the 1st option to enter distribution from a 401-K plan, retirement plan, IRA, etc...
Enter you Form 1099-R information and answer the questions to allow TurboTax to determine how to enter your pension distribution on your tax return

Depending on which code you have in box 7 of your Form 1099-R, on one of the screens you may need to indicate that the funds were rolled over to a ROTH IRA:

And on another screen you may have to indicate that you made after-tax contributions to your 401-K plan:

Form 8606 will be populated automatically based on the entries you make in the Form 1099-R section.

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S

szec444Author

Thank u so much! I did what you instructed, but no 8606 form was generated. Is it because I don't need to report to IRS if it's in plan after tax 401k directly rolled over to same plan Roth 401K?

Is the 8606 only for reporting roll over to Roth IRA and not for Roth 401k?

Thank u so much for helping me 🙂