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Does a direct rollover from a ESOP retirement plan to a traditional IRA treated as income? I entered my 1099-R into Turbo Tax, and it is coming up as taxable income
Does a direct rollover from a ESOP retirement plan to a traditional IRA treated as income? I entered my 1099-R into Turbo Tax, and it is coming up as taxable income. Yes box 7 is checked as G
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June 1, 2019
8:29 AM
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Retirement tax questions
Income, yes, on the income summary screen. Taxable income, no, on line 4b on the 1040 screen.
If on line 4b, the delete the 1099-R and re-enter. Code G should also have a zero in box 2a.
**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.**
June 1, 2019
8:29 AM