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Why does TurboTax calculate retirement rollover (non taxable) as income? System says I have to pay back health ins discount. Please help. Thank you.
Since on health marketplace for 2 months we had to estimate income for 2020. So, didn’t estimate a retirement rollover due to job change.
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February 19, 2021
7:05 PM
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Retirement tax questions
This is support. Customer is requesting that this post be deleted at this time. @Moderator
February 19, 2021
7:53 PM
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Retirement tax questions
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 (or 4c) and 4b (or 4d) 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 (or 4d). In the case of a rollover, nothing goes on 4b (or 4d).
**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.**
February 19, 2021
7:56 PM