Yes you will need to report this 1099-MISC on your tax return even though it is a rollover distribution.
Because
you received a 1099-R, the IRS will also have received a copy of this 1099-R.
You will need to report this 1099-R distribution on your tax return but none of
it will be taxable. Just make sure that when you are reporting this information
into TurboTax that for the question "What Did You Do With The Money From
(your retirement fund)?", answer "I moved the money to another
retirement account (or returned it to the same retirement account)" (see
screenshot)
To
enter your 1099- R in TurboTax Online or Desktop, please follow these
steps:
- Once
you are in your tax return, click on the “Federal Taxes” tab
("Personal" tab in TurboTax Home & Business)
- Next click on “Wages and
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Retirement Plans and Social Security”
- Choose "show more",
then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen
instructions
Please
note that all distributions will be reported on your tax
return (whether or not they are taxable) on Form 1040 on line 15(a) (or
16(a) but only the taxable portion will show on your return as taxable
on line 15(b) (or 16(b)).
To
preview 1040 in TurboTax Online:
- Sign into https://myturbotax.intuit.com/
- Under Tax Timeline, click on
Continue your return
- Go to "My Account"
> "Tools"
- Under the Tools Center,
select "view tax summary"
- Select "Preview my
1040"
