401K Rollover to IRA - Then IRA to Roth IRA

I had a 401K at my previous employer, which I rolled into a Rollover IRA (traditional IRA) at Fidelity. After that, I then rolled that money into my Roth IRA, which is a taxable event.

How and where do I report this info in Turbo Tax Premier? I went into the "Retirement and Investments" group in the Federal deductions section where I listed my actual contribution to my Roth, but I don't see anywhere to list the amount that I rolled from my IRA into my Roth IRA.

Any ideas or help would be greatly appreciated.

(Asked 01/19/08, Views 590)

You should receive 2 1099-R forms. The first one would be for the rollover from the 401(k) to the traditional IRA. If this was a trustee-to-trustee transfer, then there should be a code G in box 7. If so, just enter the Form 1099-R and TurboTax will automatically treat this as a rollover.
The secord Form 1099-R will be for the conversion of the traditional IRA to a Roth IRA. Enter the Form 1099-R and when asked, indicate that this was a conversion (not a rollover).
Unless you independently made a regular contribution to a Roth IRA, you should not enter any contribution amount. Specifically, do not enter the conversion as a contribution to the Roth IRA. Just enter the Form 1099-R.

(Posted 01/22/08)