If the code in box 7 does not already indicate a direct rollover then please follow the instructions below:
- Login to your TurboTax Account
- Click "Take Me To My Return"
- Click "Federal" from the left side of your screen
- Scroll down to “Retirement Plans and Social Security” and click “Show more”
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)"
- Answer "Yes" to the question "Did You Have Any of These Types of Income?"
- Click "I'll Type it Myself"
- Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
- Click "Continue" and enter the information from your 1099-R
- Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account (or returned it into the same account) ”
- Then choose “I rolled over all of this money.”
Please be aware that the whole distribution will show as income on the summary screen in TurboTax which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), this should be $0 and have ROLLOVER next to it.
To preview Form 1040:
- On the left side of your screen, select Tax Tools, then Tools.
- Under Tool Center, select View Tax Summary.
- On the left side of your screen, select Preview my 1040.
