I changed jobs in 2018 and rolled over my employer 401k plan (fidelity) into a Roth IRA (also fidelity). I then started contributing to my new employer's 401k plan. I was in a lower earning bracket in 2018 and was told it was a good opportunity to do so. Anyway, I rolled over the full amount of my 401k into the Roth IRA untaxed and was told that I would need to pay the upfront taxes in my 2018 return. My rollover contribution was $14, 732.22 -- which is what I assume I owe taxes on. I have 5498 form but have yet to be prompted on Turbo Tax to provide it.
Any help on how I file this would be greatly appreciated. Luckily my tax return is greater than expected so I'd be able to deduct from that amount. Not sure if I can do this systematically, or if I would have to receive the return amount and pay the Roth IRA tax separately with the IRS. A little lost!
Submitted March 01, 2019 at 05:45PM by Sa1ntjude https://ift.tt/2HfpSFc
