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I have a 1099R from a combo 401a & 457 state retirement account which I indirectly (agent to agent) rolled over into an IRA, where do I enter this and how on TurboTax?
I am older than 59.5 years. This money was never taxed as it was mainly from conversion of accumulated leave time unto cash and from an early out bonus paid at retirement, all reinvested into a Deferred Compensation Plan which was a 401a/457 combined plan. G is marked on the 1099R within Box 7; but no marks are in IRA/Sep/Simple box. Box 2a is $0.00. Please advise.
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Retirement tax questions
Please see the instructions below:
- Click "Personal Income" on the top
- Click "I'll choose what to work on"
- Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (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
- TurboTax will ask if this was a rollover to a Roth if it was rolled over to a traditional IRA then answer "no".
Please be aware that it will show as income on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), in the case of a rollover this amount should be 0 and the words ROLLOVER will be next to it.
If it was rolled over into a Roth IRA then this will be taxable income.
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Retirement tax questions
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