Here is my situation...
Performed a mega back door roth conversion through fidelity. I had 15000 after tax dollars within my standard 401k. I transferred through an in service distribution the after tax basis of 14000 to a roth IRA, I transferred the 1,000 gain to a TIRA
My 1099R shows the following
box 1 15000, box 5 14000
When using turbotax online and I go through the process and it is pretty straight forward except for the fact that because the 1099R shows a 1,000 difference between box 1 and box 5 it assumes it should be taxed and the 1,000 is placed on line 5b on the 1040.
Since I transferred the 1,000 direct to a TIRA this is a non tax event.
The question is how do I get the 5b to show zero? Do I just force the 1099R details in turbotax.
I know there have been many discussions related to this but I could not find the exact scenario as seen above.
Thanks,
Performed a mega back door roth conversion through fidelity. I had 15000 after tax dollars within my standard 401k. I transferred through an in service distribution the after tax basis of 14000 to a roth IRA, I transferred the 1,000 gain to a TIRA
My 1099R shows the following
box 1 15000, box 5 14000
When using turbotax online and I go through the process and it is pretty straight forward except for the fact that because the 1099R shows a 1,000 difference between box 1 and box 5 it assumes it should be taxed and the 1,000 is placed on line 5b on the 1040.
Since I transferred the 1,000 direct to a TIRA this is a non tax event.
The question is how do I get the 5b to show zero? Do I just force the 1099R details in turbotax.
I know there have been many discussions related to this but I could not find the exact scenario as seen above.
Thanks,
Statistics: Posted by 1095tofi — Sat Mar 02, 2024 5:27 pm — Replies 0 — Views 24