Solved
I inherited my fathers 401K and received the disbursement. I am entering my 1099-R forms and it asks if I started the 401K before 2019 or during 2019. What do i enter?
He had it for many years before that.
Code T indicates a distribution from a Roth IRA, not from a 401(k). If your father's first Roth IRA contribution was made for some year prior to 2019, the distribution is a qualified distribution, free of any tax. If your father's first Roth IRA contribution was for 2019 or later, any investment earnings in the distribution are taxable, with the amount taxable earnings being the amount in excess of your your father's basis in contributions an Roth conversions. If the question is being asked when you are entering this particular Form 1099-R, answer based on your knowledge of your father's Roth IRAs.
For the distribution reported with code 4, there is no reason for TurboTax to know when contributions were made and probably doesn't ask.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
