1099-R Help - This may be an easy one

Forum|Forum|4 years ago
March 30, 2022
2 replies
11 views

Hi All,

I have a client who rolled over a qualified plan so they have a 1099-R but the client ended up depositing the check to a Roth IRA and not a Traditional IRA. The 1099-R is coded as a non-taxable rollover but because of the deposit to the Roth IRA, it is definitely taxable. My question is that I do not know how to change this in Pro-Connect to have the return represent that income. The 1099-R has a $0.00 in box 2 (taxable amount) but do I just enter the Roth conversion amount in that section?

Thank you!

ProConnect Tax

This topic has been closed for replies.

Best answer by IRonMaN

You can’t rollover pretax dollars into a Roth without paying tax on the money first. The distribution is taxable so enter the distribution in box 2 as taxable.

IRonMaNAnswer

Level 15

You can’t rollover pretax dollars into a Roth without paying tax on the money first. The distribution is taxable so enter the distribution in box 2 as taxable.

Slava Ukraini!

C

CUSOAuthor

Level 4

Perfect! That is what I suspected but I didn't know if it was ok to report that differently than what was reported to the IRS on the 1099R. Thank you so much!

IRonMaN

Level 15

You betcha!

Slava Ukraini!

qbteachmt

Level 15

"The 1099-R is coded as a non-taxable rollover"

The issuer only codes what they understand is going to happen. They don't know what actually happened.

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