Just make sure that you are letting the TurboTax system know that your Form 1099-R distribution is a rollover. (If the code in box 7 is "G", this indicates a direct rollover and you will not need to do anything else related to the entry. Just do a "preview my 1040" as noted below and you will see "ROLLOVER" on page 1 of your 1040 and no amount ($0) showing on line 15 or 16 (b).)
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.
Please note that all
distributions will be reported on your tax return (whether or not
they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable
portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview your Form 1040:
- TurboTax Online sign-in,
click Here
- Select "Take me to my
Return"
- Go to "Tax Tools"
(on the side bar) then "Tools"
- Under the Tools Center,
select "view tax summary"
- Select "Preview my 1040"
If you are still having issues, you may want to delete the Form 1099-R and re-enter the information.
