No. You do not have to take those steps.
To report your non-taxable transfer of funds to a QLAC in TurboTax, do the following:
- Go to Wages & Income
- Scroll down to Retirement Plans and Social Security and click the down arrow
- Select IRA, 401(k)...(1099-R) and click Start
- Click Add a 1099-R
- Answer the questions regarding the 1099-R, ensuring you complete each box correctly
- Click on Continue
- On the, "Tell us if you moved the money through a rollover or conversion", select, "I rolled over...to another retirement account"
- On the, "Did you roll over all of the $ (Box 1) to another retirement account?" select, "Yes, I rolled over $...to a retirement account"
This will let the IRS know that you rolled the funds over, rather than taking a distibution.
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