kannon
Recycles dryer sheets
Morning -
We rolled over a small portion of my DW's 403b to a Roth IRA.
We are awaiting a 1099-R form but I wanted to get a heads start on my TY15 taxes.
Since money went from a pre-tax 403b to a Roth IRA I understand that the entire amount of the rollover is taxable.
From a tax standpoint, was hoping anyone online who has done the same could provide some hints. Here is what I think I know what to do:
1) the entire rollover is added to the taxable Pension line 16a and 16b. In other words my overall taxable income will go up by the full amount of the rollover.
2) Do I need to complete Part 1 Form 8606 and part II. This is where I am confused cause this form talks IRAs and not 403/401. And the form says to put numbers on Line 15a and b.
Was hoping someone online here has already done this.
Thanks
kannon
We rolled over a small portion of my DW's 403b to a Roth IRA.
We are awaiting a 1099-R form but I wanted to get a heads start on my TY15 taxes.
Since money went from a pre-tax 403b to a Roth IRA I understand that the entire amount of the rollover is taxable.
From a tax standpoint, was hoping anyone online who has done the same could provide some hints. Here is what I think I know what to do:
1) the entire rollover is added to the taxable Pension line 16a and 16b. In other words my overall taxable income will go up by the full amount of the rollover.
2) Do I need to complete Part 1 Form 8606 and part II. This is where I am confused cause this form talks IRAs and not 403/401. And the form says to put numbers on Line 15a and b.
Was hoping someone online here has already done this.
Thanks
kannon