tax1111 Posted April 15, 2021 Report Share Posted April 15, 2021 code in box 7 is G. box 1 and box 2a shows same amount. But when I input data as shown on the 1099R into Drake, it shows 0 taxable amount on 1040 line 5b. This is a direct rollover from pension to roth IRA and it should be taxable. Can anyone help fix this issue? Thank you! Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 15, 2021 Report Share Posted April 15, 2021 Change the code from G to something else. Or you will have to make another entry for the conversion and pay the taxes. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 15, 2021 Report Share Posted April 15, 2021 Are you sure it's a fully-taxable pension? Could it be a Roth 401(k) to a Roth IRA direct rollover? Quote Link to comment Share on other sites More sharing options...
tax1111 Posted April 15, 2021 Author Report Share Posted April 15, 2021 5 minutes ago, Lion EA said: Are you sure it's a fully-taxable pension? Could it be a Roth 401(k) to a Roth IRA direct rollover? 1099r shows taxable amount in box 2a the same as box 1 amount. Can I assume it is from traditional 401k plan rollover to roth ira or I need to confirm with client about this? Thanks. Quote Link to comment Share on other sites More sharing options...
tax1111 Posted April 15, 2021 Author Report Share Posted April 15, 2021 15 minutes ago, Pacun said: Change the code from G to something else. Or you will have to make another entry for the conversion and pay the taxes. Thank you! Quote Link to comment Share on other sites More sharing options...
Slippery Pencil Posted April 16, 2021 Report Share Posted April 16, 2021 14 hours ago, tax1111 said: Can I assume it is from traditional 401k plan rollover to roth ira No 14 hours ago, tax1111 said: I need to confirm with client about this? Yes Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted April 17, 2021 Report Share Posted April 17, 2021 On 4/15/2021 at 11:34 AM, Lion EA said: Are you sure it's a fully-taxable pension? Could it be a Roth 401(k) to a Roth IRA direct rollover? This is the main thing that I agree with in this thread. The quote below is excellent advice as well. On 4/16/2021 at 2:17 AM, Slippery Pencil said: No Yes Also, never assume. Always verify with the client and have documented proof to support your position. As said in another thread, nothing is worth loosing a license over. 1 Quote Link to comment Share on other sites More sharing options...
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