MinhT1
Expert Alumni

Retirement tax questions

After you have entered your form 1099-R, you should continue with the TurboTax interview, and answer that you moved the money to another retirement account and that it is an IRA. TurboTax will list the distribution as gross income but NOT as taxable income.

 

Please note that as it was not a direct rollover, the money must be deposited in the new IRA account at the latest 60 days from the distribution date, and that the rollover must be for the gross amount (and not the net amount after tax withheld) in order to be non taxable.

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