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Solved

1099R/Form 5498 Rollover Question

Forum|Forum|2 years ago
April 2, 2024
1 reply
0 views

TT asks if the 1099R is reporting a rollover of funds from a 403(b) to a designated Roth 401(k) or Roth 403 (b) account. My wife was retired at the time of the rollover, so I do not believe she would have been able to roll it over to a Roth 401(k) or Roth 401(b) account. Am I correct?

Also, Form 5498, line 10 states "Roth IRA contributions $0.00". Is this stating that no Roth IRA contributions were made, or that none of the rollover funds were contributed to a Roth IRA?

Thank you in advance for your help!

Best answer by ThomasM125

She wouldn't be able to roll her 403(b) pension plan funds to a Roth 401(K) or Roth 403(b) account if she is retired, as those accounts are associated with an employer you work for. Line 10 of Form 5498 refers to ROTH IRA contributions made during the tax year listed on the form. If it is $0 or blank then no contributions were made for the current year.

ThomasM125Answer

She wouldn't be able to roll her 403(b) pension plan funds to a Roth 401(K) or Roth 403(b) account if she is retired, as those accounts are associated with an employer you work for. Line 10 of Form 5498 refers to ROTH IRA contributions made during the tax year listed on the form. If it is $0 or blank then no contributions were made for the current year.

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Thank you Thomas,

Your response answered both questions perfectly! I appreciate your time and effort!

Regards,

billcw