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401K to Traditional IRA rollover
I rolled my 401K over to a traditional IRA and received a 1099-R. Do I need to include the gross distribution as income even though I didn't withdraw anything? The 1099-R is showing the amount I rolled over in the Gross Distribution and shows 0 in the taxable amount and 0 in the federal income tax withheld.
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Retirement tax questions
Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income.
- Login to your TurboTax Account
- Click on the Search box on the top and type “1099-R”
- Click on “Jump to 1099-R”
- Answer all follow-up questions carefully.
You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).
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Retirement tax questions
Thank you so much for your reply. I was concerned when I saw what it put in for my income as that was money that was not received, therefore in my head should not be considered income yet. I appreciate your response!
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Retirement tax questions
Thanks for the answer BUT, When I did the import from Fidelity, it gave me a 1099-DIV, 1099-INT, and a 1099 B. It did not import the 1099-R for my 401k to IRA rollover. Is there a reason the import didn't pic this form up?
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Retirement tax questions
Did you try to go to the 1099-R section to import? Here are the steps:
In TurboTax online,
- Sign into your account, select Pick up where you left off
- At the right upper corner, in the search box, type in 1099r and Enter
- Select Jump to 1099r
- Follow prompts
- On-screen, "Let's import your tax info, select your company
- Follow prompts to continue
If import does not go smooth, I will suggest to manually enter info. Follow the above steps then :
- On-screen, "Let's import your tax info, select I'll type it myself
- Follow prompts to continue to enter info
Is your 1099-R showing a code G in box 7 as a direct rollover? Based on your information, your transaction should be nontaxable. The amount will still show on line 4a on Form 1040 as a reportable event but not taxable.
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Retirement tax questions
Sorry for the delayed response.
I tried to import from the main import screen and from the 1099R section. Neither brought in my 1099R's from Fidelity. I had to manually input them. Not a crisis but was surprising I could not import all the data needed.
Thanks
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Retirement tax questions
OBTW - there is a code G in box 7. It appears the rollover was not listed as taxable.