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Benjiman
New Member

1099-R direct rollover still show as my income, texable amount should be 0

 
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2 Replies
JimSaxon1
New Member

1099-R direct rollover still show as my income, texable amount should be 0

I put in a 1099R which identified a roll over within a non Roth Retirement account.

 

There was a taxable income of 0.00.

 

But the full amount of the roll over was added to my income.

 

This makes everything incorrect.

 

I have tried multiple times to fix this, but nothing works.

 

Jim Saxon

DavidD66
Expert Alumni

1099-R direct rollover still show as my income, texable amount should be 0

Your IRA directrollover is not taxable, but it is income - non-taxable income.  When the program shows you your income, it will include the non-taxable rollover distribution.  The distribution amount is reported on your Form 1040 line 4a or 5a (depending on whether it came from an IRA or a qualified retirement plan.  It is not taxable so it isn't reported on line 4b or 5b.  Either 4a or 5a should be notated with "ROLLOVER". 

 

If your Form 1099-R, line 2a is blank, enter a zero in box 2a to make sure the program treats it as nontaxable.

 

After you entered your Form 1099-R, there were a series of questions about your distribution.  How you answer these questions will determine whether your distribution (rollover) is treated as taxable or non-taxable by TurboTax.  If your rollover is being treated as taxable by TurboTax, review your answers to these questions and make sure you indicate that your rolled over all of the money.  

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