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Retirement rollover showing as income causing problems with tax bracket, showing we owe way more taxes than we are supposed to.
This has caused us to show being liable for a huge amount of tax, due to health insurance subsidy qualified for. I can find no where in the section to indicate it was rolled over and not received as income.
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Retirement tax questions
If the distribution code on your Form 1099-R does not indicate that the distribution was a direct rollover (institution to institution transfer), then you should be seeing some follow-up questions where you can indicate that the distribution was rolled into another retirement account.
When you enter the 1099-R, there will be a series of follow-up questions to answer including “what you did with the money”. This question is the first step to reporting that it was rolled into another retirement account.
If you did not see the follow-up questions, go back to the
1099-R and edit the form. Then click Continue until you have answered all
the questions and you are back to the main Income
page.
You can search for '1099-r' in the box at the top of your TurboTax screen to jump directly to the 1099-R section of your return.
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Retirement tax questions
It shows it being non-taxable, but the problem is, it is doing something with the Obamacare subsidies, and causing the return to show a huge tax incurred, because it is showing the distribution as income, and making it appear as if we had the distribution as income. It has something to do with how the subsidies are handled. I still have not figured it out.