You report the rollover by entering a substitute Form 1099-R in TurboTax as follows:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Choose the Retirement Plans and Social Security menu option
- Choose IRA, 401(k), Pension Plan Withdrawals(1099-R)
- Choose the enter 1099-R option
- Choose Change how I enter my form
- Choose Type it in myself
- Choose Financial institution or other provider (1099-R)
- Enter in as much information as you can regarding the pension income
- Work through that section until you see Do any of these situations apply to you?
- Choose I need to file a substitute 1099-R
- Complete the information requested
You will use code G and indicate with the questions that will be asked that you rolled the money to a traditional, not a ROTH IRA account.
You can apply for a foreign tax credt for income taxes paid to Puerto Rico.
To apply for a foreign tax credit:
- Click on Deductions & Credits on your left menu bar
- Choose Estimates and Other Taxes Paid
- Choose Foreign Tax Credit and answer the questions in that section
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