1099R direct rollover from employer pension to roth IRA

[tax1111]

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!

 

[Pacun]

Change the code from G to something else. 

Or you will have to make another entry for the conversion and pay the taxes.

[Lion EA]

Are you sure it's a fully-taxable pension? Could it be a Roth 401(k) to a Roth IRA direct rollover?

[tax1111]

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.  

 

[tax1111]

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!

[Slippery Pencil]

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

[Terry D EA]

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.