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Mega Backdoor Roth (for Ind 401k) on Turbo Tax

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  • Mega Backdoor Roth (for Ind 401k) on Turbo Tax

    Any advice on how to put this into Turbo Tax (or if we even need to). Put money into my solo 401k in Fidelity and then converted it to the Roth 401k through my in plan conversion. Not sure how to record this in Turbo Tax and can't find any help on some of their sites. Anyone know a good resource that shows the best way to do this?

  • #2
    I use TaxAct, but the basic input is the same. This is reported as a 1099r distribution. However, assuming you made the conversion to Roth quickly, most or all of the transaction will not generate any tax owed. Is this a 2020 or 2021 transaction? If the former, Fidelity should already have sent the 1099r. Note, th[ere is no 8606 required.

    Harry Sit offers a specific TurboTax tutorial at his site TheFinanceBuff.


    • #3
      If this is a mega backdoor Roth in a solo 401k with in plan Roth rollover then it’s a custom 401k. In this case fidelity is only the custodian. You and your TPA or service-provider-but-not-TPA (mysolo401k and the like) are responsible for generating the 1099-R which is what you need for your tax return