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posted Apr 21, 2021 12:13:12 PM

1099-R

I am working with Turbotax Deluxe. In 2020 I transferred a total distribution of a  traditional 401K from one company to another without taking any distribution to myself as a payment. That amount of over $124K now shows up as income on my taxes. I entered it as non-taxable, but it comes back in as income. Is this correct? I assume this will mess up my filing, as our joint filing gross income is less than $80K. Please help. Thank you, Tom

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1 Replies
Level 15
Apr 21, 2021 12:20:46 PM

Are you sure it's showing up as taxable on 1040 line 5b?  If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. 

 

What Code is in box 7?  If it's a G that is a direct transfer and won't be taxable.  It should say ROLLOVER by line 5b.