@jwdbond wrote:
As suggested, I have deleted the old 1099R as suggested and re-entered the data from my 1099R and answered the questions. Turbotax said that I will not have to pay taxes on the distribution, but it still includes the rollovered distribution as income and increases the taxes owed accordingly. Are we waiting for the 8915E form to correct the income?
Where are you looking for "income".
It will show as income on the summary screen which shows gross income, not taxable income.
The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.
The income will be reported on line 4a and 4b on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on the 1040 line 4b. In the case of a rollover, nothing goes on 4b.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
