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1099R rollover to IRA
I have a 1099R rollover from 401k to IRA. The box 7 is G. In the income summary, it shows it as my no taxable income. Why?
Is there way to indicate this is rollover?
TurboTax shows it as nontaxable income because a rollover from the traditional account in a 401(k) to a traditional IRA is nontaxable. "Income" just means that it is something required to be entered into TurboTax even though it might be nontaxable.
By answering No to TurboTax's questions answering that the rollover was not to any kind of Roth account, TurboTax treats the distribution as a nontaxable rollover, meaning that it does not add to your Adjusted Gross Income from which everything else on your tax return is determined.
