Yes, you can tell TurboTax that you put the money into an traditional IRA and therefore did a rollover. Please enter both 1099-R by following these steps:
- Open your return
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
- Continue answering the questions.
- When you get to the “Your 1099-R Entries” screen click on "Add another 1099-R" and enter you 2nd 1099-R
You can review your entry on Form 1040 line 4. The amount rolled over should not show in line 4b (taxable amount).
Please see Why am I getting an underpayment penalty for a tip to reduce or possibly even eliminate your underpayment penalty,
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