mayfon
New Member

Why is an IRA rollover to another Instituion counted as INCOME?

Fidelity sent us a 1099-IRA, with Box 7 marked G,(as a rolling over distribution )the entire amount to Schawab IRA. This entire amount in Turbo Premier shows up as INCOME. What do I do?
MinhT
Expert Alumni

Retirement tax questions

A IRA rollover is not taxable. TurboTax will list as Gross Income in the Income summary but not as taxable income.

You do not need to do anything. The gross amount will be transferred to line 4a of form 1040, but line 4b which is the taxable amount will 0.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"