How do we report a rollover from a profit sharing plan.

[kevin-lauriemess]

We are doing a direct rollover of a distribution to a qualified plan (employer's 401K).   How do we report that on our taxes using TurboTax?

[MinhT1]

A direct rollover will be reported on form 1099-R with code G in box 7.

Enter your form 1099-R by following these steps:

1. In TurboTax, open your tax return
2. Click on Federal in the left-hand column, then on Wages & Income
3. Continue and locate the section Retirement Plans and Social Security and click on Show more
4. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
5. Enter your form 1099-R and follow the interview
6. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)