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pennylayne-sulli

Level 1

Question

Why did my tax refund decrease by $180 when I entered a 1099-R for a non taxable rollover into a 401K?

Forum|Forum|2 years ago
February 14, 2024
2 replies
0 views

No text available

TurboTax Deluxe Online

Level 15

The refund counter in TurboTax has a lot going on there and is not accurate until it has all of the information entered. It could be something else that has made it make that change in your refund counter that didn't get calculated until after you finished entering the 109-R.

That said, the first thing to make sure is that the code on your 1099-R in box 7 is a G for a non-taxable rollover and that the amount in box 2 is zero. If either of these is not the case then the rollover may be considered partially taxable.

@pennylayne-sulli

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Level 15

What did you transfer it from? Did you roll it into a regular 401K or a ROTH 401K ? What code is in box 7?

Level 15

Also, is the IRA/SEP/SIMPLE box marked?

Does box 2a show a nonzero amount