It will show as income for tracking purposes, but it does not count as taxable income. When you view your Form 1040 you will see the income listed in a column on the left and not added into your taxable income. For an IRA this will be Line 4a (for a 401k or other retirement account, it will be Line 4c). You can view your 1040 before you file by following these steps:
- Login toTurboTax.com.
- Click on Tax Home on the left side of the screen.
- If prompted, click on Continue where I left off or Take me to my return.
- Click on Tax Tools.
- Click on Tools.
- In the box that pops up, click View Tax Summary under Other helpful links.
- Once your Tax Summary is displayed, click on Preview my 1040 in the column on the left.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
