Documenting contrib to multiple 401k/403b come tax time

[nachos31]

This year I contributed a little to my residency 403b and now have contributed the difference (from the $18,000 limit) to my current employer 401k. Other than making sure I did not contribute more than $18,000 between those two accounts, do I need to do anything special come tax time to account for or document it?

Also, am I correct in understanding that there is no restriction on Roth converting my residency 403b's contributions made this tax year? I can just convert the whole shebang, send it checks to the fed and state for the tax due, and be done with it? I assume I'll get a 1099-R for the conversion which will probably have me fill out item 15a on my 1040--anything else to do come tax time?

[nachos31]

And the infamous form 8606 to document the conversion, at least for the 457b plan I'm converting since it has to first be rolled into a TIRA. The 403b is being converted internally at Vanguard directly into a new Roth there.

[jfoxcpacfp]

nachos31 wrote:

This year I contributed a little to my residency 403b and now have contributed the difference (from the $18,000 limit) to my current employer 401k. Other than making sure I did not contribute more than $18,000 between those two accounts, do I need to do anything special come tax time to account for or document it?

Also, am I correct in understanding that there is no restriction on Roth converting my residency 403b’s contributions made this tax year? I can just convert the whole shebang, send it checks to the fed and state for the tax due, and be done with it? I assume I’ll get a 1099-R for the conversion which will probably have me fill out item 15a on my 1040–anything else to do come tax time?

Click to expand...

You can convert as much as you want to a Roth IRA during any tax year. You are correct that you will receive a 1099-R for the conversion. Nothing else to do except report as required on your income tax return (including Form 8606).

Not sure if your 2nd post is meant to be a question.

[nachos31]

2nd post is not a question. I had just remembered to mention 8606. Thanks.