Hi,I did a 401K rollover into ROTH IRA and I got the 1099-R. However, there is no option to select ROTH conversion while filling 1099-R. How can I notify it is for ROTH?
Hi,I did a 401K rollover into ROTH IRA and I got the 1099-R. However, there is no option to select ROTH conversion while filling 1099-R. How can I notify it is for ROTH?
Do you have code G in box 7? If yes, then TurboTax should ask you the following questions after you entered the 1099-R :
Enter the information from your 1099-R
On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "Yes"
If you have other codes then you should see these follow-up questions in TurboTax Desktop:
Enter the information from your 1099-R
Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
Then choose “I did a combination of rolling over, converting, or cashing out money.” and enter the amount next to "Amount converted to a Roth IRA account"
In TurboTax Online:
enter the information from your 1099-R
Answer questions until you get to “Tell us if you moved the money through a rollover or conversion" screen and choose “I converted some or all of it to a Roth IRA”
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I have a similar situation (it's a part of my 403b that I rolled over into a Roth IRA).
But I have already entered the 1099R (with a G in box 7). I don't remember for sure if it asked me those questions and what I answered. But if it asked, I must have answered as you suggested. But I do not see a form 8606 in my list of forms. Should it have generated a 8606?