Do I have to enter a 1099-R that is for a rollover and is not really income?

Forum|Forum|7 years ago
June 6, 2019
4 replies
46 views

TurboTax Deluxe Online

Best answer by MargaretL

Yes, you do have to enter the form to show the rollover to the IRS. Just enter the form 1099-R into TurboTax and answer follow up questions. If code G is displayed in box 7, then the rollover and its nontaxable treatment is automatic. Otherwise, you will be asked what you did with the money and you can indicate that you moved money to another retirement account (must do so within 60 days). This will also ensure nontaxable income. The distribution is correctly included in total income, but not as taxable income.

Please follow below steps to enter your 1099-R

Federal Taxes
Wages and Income
Scroll down to Retirement Plans and Social Security
Select IRA, 401(k), Pension Plans (1099-R)

MargaretLAnswer

Level 12

Please follow below steps to enter your 1099-R

Federal Taxes
Wages and Income
Scroll down to Retirement Plans and Social Security
Select IRA, 401(k), Pension Plans (1099-R)

JudyB

Level 2

The distribution is NOT included in total income as stated above

djeffbland

Level 2

The distribution "IS" included in the Total income. Which makes it kind of confusing since there really was no income. Rather money just moved from one IRA to another. I spoke with Turbotax and a CPA and they say it is proper that it shows up on Total Income. It IS properly listed as Pension Non taxable.