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

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  • nachos31
    replied
    2nd post is not a question. I had just remembered to mention 8606. Thanks.

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  • jfoxcpacfp
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    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?
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    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.

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  • nachos31
    replied
    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.

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

    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?
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