Retirement tax questions

The follow-up questions depend on the code in box 7. 

If the code in box 7 is code G indicating a direct rollover then you should see these follow-up questions:

1. On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
2. On the "Did you move the money to a Roth IRA?" screen answer "No" if moved to traditional IRA or answer "Yes" if moved to Roth IRA

If your code in box 7 doesn't indicate a direct rollover then you will get these follow-up questions:

1. After entering you Form 1099-R continue through the questions
2. Continue until you get to the  "Tell us if you moved the money through a rollover or conversion" screen.  Select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)" if you move it to a traditional IRA or select “I converted some or all of it to a Roth IRA” if you moved it to a Roth IRA.

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 5b (taxable amount). Please note that conversions of pre-tax funds to a Roth IRA will be taxable. 

To preview Form 1040:

1. Click on "Tax Tools" in the left menu
2. Click "Tools"
3. Click "View Tax Summary" in the Tool Center window
4. Click on "Preview my 1040" on the left