Continuing OP example
90k total
Assume $10k non deductible contribution
80k reversed into 401k generating 1099R with G checked and marking as “direct rollover” on 1040 first page and no tax due
Suppose at this time remaining balance is $10123. That goes to Roth IRA but has basis of $10k (documentation is 8086). Taxable will be $123
$123 income will get added to the first page?
Is this correct? This assumes this is the only IRA. If there is another IRA or Rollover IRA it will be more complicated?
90k total
Assume $10k non deductible contribution
80k reversed into 401k generating 1099R with G checked and marking as “direct rollover” on 1040 first page and no tax due
Suppose at this time remaining balance is $10123. That goes to Roth IRA but has basis of $10k (documentation is 8086). Taxable will be $123
$123 income will get added to the first page?
Is this correct? This assumes this is the only IRA. If there is another IRA or Rollover IRA it will be more complicated?
Statistics: Posted by rs9876lg — Thu Aug 15, 2024 12:33 pm — Replies 6 — Views 218
