Filing tax 1099-r for 401k after tax to Roth in plan conversion

Apr 14 7 Comments

I have been using in plan daily conversion to Roth for after tax 401k contributions in Fidelity. On my 1099-R, I see taxable income reported. Code is G. How does one report this ? The conversion is between two aftertax accounts, from 401k after tax to roth (which is after tax) within plan, done daily so there cannot be earnings. Please help.
Trying to use TaxAct

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TOP 7 Comments
  • I used TurboTax. It asked a bunch of questions, and that was it.
    No impact on taxes paid since I set a daily automatic conversion.
    Apr 14 4
    • It was around 9k
      Apr 15
    • Amazon
      cheidjd

      Go to company page Amazon

      cheidjd
      That sounds like your automatic conversion wasn’t setup properly. It was less than 100 dollars for my spouse who did max at Microsoft. Call Fidelity and verify it is setup properly. In the future, you can move the money into Roth IRA after every paycheck ( it takes less than 10 minutes phone call )
      Apr 15
  • Update: Turns out that when I began doing the daily conversions, there was already a sizable chunk of contributions I'm my after-tax 401k,. I should have done a one time conversion then, but missed doing that. Now the conversion was taking part new after-tax contribution and part interest earned on the chunk still sitting in my after tax 401k. So the interest part was taxable. Initiated a one time conversion to remedy the situation. Will need to pay taxes this year and next. Hopefully sorted out after that.
    Apr 15 0
  • New
    be good!

    New

    be good!
    Form 8606 I think?
    Apr 14 0