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I did an IRA rollover from a credit union to an IRA account under Merrill Edge. I entered all the information on the 1099R and it shows up as income. WHY?

Forum|Forum|7 years ago
June 1, 2019
1 reply
6 views

I entered all the information as on the 1099R and it is showing up as income. It is a rollover. I never touched the money. What gives?

TurboTax Deluxe Online

Best answer by null725

All distributions must be reported. Turbotax chose to show your distributions in the My Income Summary page. That does not mean that it is taxable income. The distribution amount will show on your tax return with the word ROLLOVER next to it and that is the only effect it has. It has no effect on your tax.

Level 13

All distributions must be reported. Turbotax chose to show your distributions in the My Income Summary page. That does not mean that it is taxable income. The distribution amount will show on your tax return with the word ROLLOVER next to it and that is the only effect it has. It has no effect on your tax.