My husband changed jobs on 2016. We received 1099-R that shows rollover with the distribution code as "G". The program then reports this as nontaxable and yet still reports this rollover amount as income. Then we don't qualify for the homestead property tax credit for the state because our "income exceeds the maximum allowed to qualify for the credit". Is this correct that the rollover amount still be a part of our 2016 income, even tho we never have touched this money?
It will show as income on the summary screen which shows gross income, not taxable income.
The income will be reported on line 16a on the 1040 form with the word “ROLLOVER” next to it .
The taxable amount will go on line 16b. In the case of a rollover, that amount will be zero.
lines 12a/b if 1040A form
It will show as income on the summary screen which shows gross income, not taxable income.
The income will be reported on line 16a on the 1040 form with the word “ROLLOVER” next to it .
The taxable amount will go on line 16b. In the case of a rollover, that amount will be zero.
lines 12a/b if 1040A form