I rolled over a IRA into a Roth IRA. I received a 1099-R with Box 1 filled in with $21,106.84, and Box 7 with G filled in. Also the IRA/SEP/SIMPLE Box [X] checked. Everything else blank.
They also sent me a Form 5498 with Box 3 and Box 5, filled in with $21,106.84, also the Roth IRA [X] Box was checked all other boxes had 0.00
I thought I would pay taxes on the IRA to Roth IRA conversion. TurboTax is not showing anything owed for this?
This Form 1099-R is erroneous. Code G with the IRA/SEP/SIMPLE box marked can be used only to report a rollover from a traditional IRA to a traditional account in an employer plan (401(k), 403(b) 457(b) or the federal TSP). A Roth conversion is not a "direct rollover." A direct rollover always involves movement of funds to or from an employer plan.
You'll need to contact the payer and have them correct the Form 1099-R to have code 2 (if under age 59½) or code 7 (if age 59½ or over) in box 7 with the IRA/SEP/SIMPLE box marked. This Form 1099-R must also have $21,106.84 in boxes 1 and 2a with box 2b Taxable amount not determined marked.
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