Question

Hi, I for 2020, i rolled over my 401k to ROTH IRA on the last day. Where do i enter this information?

Forum|Forum|4 years ago
October 10, 2021
1 reply
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Which forms should i be filling?

TurboTax Premier Online

Employee

You will receive a 1099-R for that in before January 31 if done in 2021. A regular 401(k) converted to a Roth IRA will be taxable unless you have a basis in the 401(k) as reported on the 1099-R box 5.

It will go on your 2021 tax return here:

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

(If box 7 has a code “G” it will automatically be a trustee-to-trustee rollover).

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 4a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 4b. In the case of a rollover, that amount will be zero.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Critter-3

If you actually got it done on 12/31/2020 then you should have gotten a 1099-R for the 2020 conversion so it is reported on the 2020 return as described in the prior answer. If you did not get a 1099-R check with the IRA custodian to see when this conversion actually got done.

O

Opus 17

Employee

If you did not receive a 1099R from the 401(k) custodian, then it is possible that the transfer was not actually completed until 2021. It usually takes a few days for these things to happen and trying to do some thing at the last minute can often result in the transaction not completing when you think it will.

You will have to contact the custodian of the 401(k) to clarify when the rollover was completed and get a copy of your 1099 if it was completed in 2020.