To report the IRA distribution and partial rollover:
-
log in to your Turbo Tax account
- click on "take me to my return"
- click on the "federal taxes" tab
- click on "wages and income"
- choose "show more" and "see list of all income"
- scroll down to "retirement plans and social security"
- cick on "start" or "revisit" next to "IRAs, 401(k), etc"
- enter the information exactly as it appears on your Form 1099R
- Turbo Tax will ask you some questions about this distribution:
- When you get to the screen that says, "what did you do with the money?", choose: "moved to another retirement account"
- After you make this choice, more options will appear: choose: "did a combination of rolling over, converting, or cashing out the money"
- After you make this choice, it will say, "tell us how much of the distribution you moved to an IRA, 401(k), or other retirement account". then indicate, "amount that was rolled over to another (or back to the same) retirement account"
- Next you will see the following screen: "your 1099R entries". scroll to the bottom and click "continue" for any additional questions that might be asked about your distribution.
Please be aware that according to page 23 of pub 590A under the heading, "waiting period between rollovers", that "generally if you make a tax free rollover of any part of a distribution from a Traditional IRA, you cannot within a 1 year period, make a tax free rollover of any later distribution from that same IRA. You also cannot make a tax free rollover of any amount distributed, within the same 1 year period, from the IRA, into which you made the tax free rollover. The 1 year period begins on the date that you receive the IRA distribution, not on the date you roll it over into an IRA".
"However, trustee to trustee transfers between IRAs are NOT limited and rollovers from Traditional IRAs to Roth IRAs (conversions) are NOT limited".
Please refer to page 21 under the heading, "trustee to trustee transfer" and pages 23-24 of pub 590A under the headings, "rollover from one IRA into another", "waiting period between rollovers", "example", "application of one rollover per year limitation", and "example" for additional information. https://www.irs.gov/pub/irs-pdf/p590a.pdf
