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401k rollover
At the start of 2022, I started a new job and at the time I rolled over my 401K from 1 account to another account. I received a 1099-R and the code does show it was a rollover. But I noticed turbo tax is adding this to my income and causing my income to appear to be $60K more than. For example - 2022 wages and salaries are about $195K and adding this 401K rollover of $60K causing my income to reflect as over $250K.
Am I being taxed for the 401K roll over? Why does it show up at all if it was rolled over?
Is this income of $250k the reason why i cannot take any deductions for my childs college tuition and expenses?
March 25, 2023
9:55 PM