Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-12-2017, 03:33 AM
Junior Member
 
Join Date: Apr 2017
Posts: 2
Question 401(a) rollover and Roth conversion problem

My wife & I make purely non-deductible contributions to trad IRAs, and then convert to Roth IRAs. As result, we generally have a total IRA value of $0 at the end of each year.

In 2016, a former employer (govt) required my wife to rollover money from a 401(a). We rolled the 401(a) it into her traditional IRA, but this occurred after we had done our annual trad IRA to Roth IRA conversion. So, unlike all other years, she ended up with a balance in her traditional IRA at the end of 2016.

I'm not expecting to owe any tax - all IRA contributions have been non-deductible and the 401(a) direct rollover should be non-taxable. When I filled out Form 8606 manually, I get $0 taxable as expected. But TurboTax and TaxAct put a taxable amount in 1040 line 15b, no matter what I've tried, including manually adjusting the trad IRA basis for the amount rolled over from the 401(a). And advice / ideas appreciated!


Last edited by teberlein : 04-16-2017 at 01:54 AM. Reason: Corrected 457(b) to 401(a)


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
457(b) rollover and Roth conversion problem teberlein IRA/Sep 0 04-12-2017 03:31 AM
Roth Conversion knicholson Retirement Planning 1 01-05-2014 06:55 AM
Big problem with Roth Contribution wally5 Income 1 02-17-2012 01:52 AM
Roth conversion taxes randynicar IRA/Sep 1 03-04-2011 04:10 AM
Will splitting my ROTH (after conversion from rollover IRA) IRA affect my ability to recharacterize it later? sqtc IRA/Sep 0 10-18-2010 03:15 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.