Pre-Taxed 401K to Rollover/Traditional IRA to Roth IRA, am I missing a 1099-R form?

Forum|Forum|2 years ago
March 22, 2024
1 reply
0 views

I rolled over my old employer's pre-taxed 401(k) to a Rollover/Traditional IRA in February 2023 then converted it to a Roth IRA in November 2023. I have 2 1099-R, one from my old employer's institution and one from my institution. Employer's is Code G and there is an amount in 2a Taxable Amount + Total Distribution is checked off. My institution's is Code 2 and there's also an amount in 2a Taxable Amount + Taxable Amount Not Determined checked off. The IRA/SEP/SIMPLE box is also checked off. When I entered both forms into my taxes, it's not reading as a rollover instead it's combining both amounts which is incorrect. Am I missing a 1099-R or are my forms incorrect? Please help! Any insight is appreciated. Thank you!

Best answer by dmertz

The code-G Form 1099-R implies that you told the 401(k) plan that the rollover was being made directly to a Roth IRA. You instead diverted the funds to a traditional IRA, making the code-G Form 1099-R incorrect with respect to what was actually done. This Form 1099-R needs to be corrected to change the amount in box 2a to zero to reflect the fact that the rollover was to a traditional IRA, not to a Roth IRA.