Skip to main content
February 22, 2024
Solved

I left a job and was able to roll my pension into a Roth IRA, it was not a contribution how and where do I classify this?

  • February 22, 2024
  • 3 replies
  • 0 views
No text available
Best answer by VolvoGirl

You only enter the 1099R from the pension or 401k.  Do not enter it again under Deductions, it is not a new contribution.  

 

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

3 replies

Employee
February 22, 2024

You did a conversion which is taxable. 

VolvoGirl
VolvoGirlAnswer
Employee
February 22, 2024

You only enter the 1099R from the pension or 401k.  Do not enter it again under Deductions, it is not a new contribution.  

 

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

VolvoGirl
Employee
February 22, 2024

By the way, do you realize that converting it to a ROTH IRA made it all taxable now?  Did you mean to roll it over to a Traditional IRA?  Did they take any tax withholding out of it?