IRA Distribution - Partial Rollover and partial Roth Rollover
I received a total distribution from the funds held by my Thrift Savings Plan. The 1099R shows a gross distribution in block 1. Block 5 shows an amount as designated as Roth contributions. Block 7 shows code G. I have rolled over all of the funds into a regular IRA and the portion in block 5 into a Roth. I am confused as to the screen which states:
"Is this 1099-R a rollover from a 401(k), 403(b), or governmental 457(b) plan to a designated Roth 401(k), 403(b), or 457(b) plan?" "Yes or No?"
"Did you roll over this distribution to a Roth IRA?" "Yes or No?"
The money shown on the 1099-R was rolled over into a regular IRA and a Roth.
What do I put here?
Best Answers
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The Box 7 code G is the correct code to show the rollovers. You would answer Yes to the first question since that question shows all possible accounts that the distributions in Box 1 and Box 5 came from. This ensures that the FreeTaxUSA software applies the right procedure for reporting these amounts as rollover distributions.
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Thank you.
