TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Solved

Why do my TSP to traditional IRA tranfer show as income? I did a direct transfer of 32K from TSP to Tra IRA in 2018.

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

Why do my TSP to traditional IRA transfer show as income? I did a direct transfer of 32K from TSP to Tra IRA in 2018. I received a 1099-R that shows a direct transfer but Turbo Tax still shows it as 2018 income which increases my Adjusted income by 32K.

TurboTax Deluxe Windows

Best answer by

It is indeed part of your income, and you chose to roll it over. That makes it nontaxable income, but it's still income. Did you actually look at the 1040? If your 1099-R had a code of G in Box 7, you were asked if the rollover was to a ROTH IRA. If you didn't answer that question, the program makes it taxable.

Click on Forms in the upper right, then click to open the 1099-R worksheet. Scroll down to the Rollover section to see what you entered or answered.(If you haven't looked at your 1040 yet, do that first. If the rollover shows as taxable income, them move on to the 1099 worksheet)

A

Anonymous

Answer

It is indeed part of your income, and you chose to roll it over. That makes it nontaxable income, but it's still income. Did you actually look at the 1040? If your 1099-R had a code of G in Box 7, you were asked if the rollover was to a ROTH IRA. If you didn't answer that question, the program makes it taxable.

Click on Forms in the upper right, then click to open the 1099-R worksheet. Scroll down to the Rollover section to see what you entered or answered.(If you haven't looked at your 1040 yet, do that first. If the rollover shows as taxable income, them move on to the 1099 worksheet)