Solved

In 2016 I converted funds from a 401-K/PSP to my traditional IRA, and also making a 2016 contribution to the IRA. How do I report BOTH separately in TurboTax?

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

The software seems to allow reporting of one or the other, but not both of these amounts. Any help would be appreciated!

TurboTax Deluxe Online

Best answer by Fern

The conversion of funds will be reported in the Retirement Income Section in Turbo Tax.You should have received a 1099 R for this transaction.

To enter a 1099-R:

Select Federal Taxes
Select Wages & Income
Scroll down and select start or review next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
Enter the information from the 1099 R you received

To enter your contribution to an IRA:

• Select Federal Taxes
• Select Deductions and Credits
• Select Show More at Retirement and Investment
• Select Start at Traditional and Roth IRA contributions

F

FernAnswer

Employee

The conversion of funds will be reported in the Retirement Income Section in Turbo Tax.You should have received a 1099 R for this transaction.

To enter a 1099-R:

Select Federal Taxes
Select Wages & Income
Scroll down and select start or review next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
Enter the information from the 1099 R you received

To enter your contribution to an IRA:

• Select Federal Taxes
• Select Deductions and Credits
• Select Show More at Retirement and Investment
• Select Start at Traditional and Roth IRA contributions