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April 10, 2024
Question

rollover from a qualified pension to a roth ira

  • April 10, 2024
  • 1 reply
  • 0 views

my 1099 r    has the correct amount removed from the pension box 1  but the taxable income shows zero box 2a....  and when i go thru turbotax    it askes where the money went to and i selected the roth ira...  however i do not see that the amount removed ever got taxed....   do i have to change that the amount is taxable box 2a even when the 1099 r has zero as taxable....  

    1 reply

    April 11, 2024

    If you moved after-tax funds from your qualified pension to Roth IRA then the conversion will not be taxable. If these were pre-tax funds then the conversion will be taxable. If you believe you received a incorrect Form 1099-R then contact the issuer.

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