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Tax situation for a rollover?
Posted on 3/31/24 at 4:59 pm
Posted on 3/31/24 at 4:59 pm
I changed jobs middle last year from teaching (MS) and into college level. Same state but different retirement systems. I was in the PERS system and rolled that into my Roth IRA.
I received a 1099-R. It shows the gross distribution of $51k, taxable amount of $0, and $0 in income tax withheld.
Will I be paying taxes on this amount on this year's tax report or is this deferred until I access the money much later in life?
If I need to addd more details, please just ask me becuase I am unsure what else to add...
I received a 1099-R. It shows the gross distribution of $51k, taxable amount of $0, and $0 in income tax withheld.
Will I be paying taxes on this amount on this year's tax report or is this deferred until I access the money much later in life?
If I need to addd more details, please just ask me becuase I am unsure what else to add...
3
Posted on 3/31/24 at 7:44 pm to rpg37
quote:
I received a 1099-R. It shows the gross distribution of $51k, taxable amount of $0, and $0 in income tax withheld.
Was it in a traditional account or a Roth account?
If you rolled from traditional to Roth that is taxable
If you rolled from traditional to traditional or Roth to Roth it is not taxable
This post was edited on 3/31/24 at 8:19 pm
Posted on 3/31/24 at 7:44 pm to rpg37
IF it was rolled from a pretax account to a Roth, I think you have to do a “conversion”.
Pretax to traditional- no tax or conversion
Pretax to traditional- no tax or conversion
Posted on 4/4/24 at 9:36 pm to rpg37
Look at box 7 of the 1099 R. Code G indicates a rollover and if to a like account would defer taxes.
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