Rollover from 401k to Roth 401k

Forum|Forum|2 years ago
March 8, 2024
2 replies
11 views

Client rollover 401k to Roth 401k:

1099R box 7, distribution code G

call vanguard was told it was inside conversion, that's why it was coded as G, but it's taxable.

How do I make it taxable on the tax return,

ProSeries Professional

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IRonMaN

Level 15

Are you sure that it was rolled from a traditional to a Roth? Or possibly was it a Roth to Roth rollover?

Slava Ukraini!

qbteachmt

Level 15

"How do I make it taxable on the tax return,"

Is it not showing as taxable?

For an entry question, here's the Help article:

https://accountants.intuit.com/support/en-us/help-article/form-1099-r/entering-form-1099-r-proseries/L0otcKvVi_US_en_US?uid=ltj3azjn

If you are questioning the G for the conversion, here is the IRS guidance:

https://www.irs.gov/pub/irs-pdf/i1099r.pdf

"For a direct rollover of a distribution from a section 401(k) plan, a section 403(b) plan, or a governmental section 457(b) plan to a designated Roth account in the same plan, enter the amount rolled over in box 1, the taxable amount in box 2a, and any basis recovery amount in box 5. Use Code G in
box 7."

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C

chenschuhAuthor

Level 5

I followed your suggestion:

put the same amount on line 1a, 2a and line 5 of 1099-R, with code G

it still show 0 on 5b of 1040.

please help.

qbteachmt

Level 15

"put the same amount"

?

Distribution/conversion amount, there is no basis as there are no employee contributions (all the funds are from payroll as pre-taxed). Not a plain "rollover" but a conversion.

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