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ctbaef
New Member

1099R shows gross distribution, but not the amount I “rolled back in” (or whatever the correct term is) to the same traditional IRA. So my income amount shown in Turbo Tax is incorrect. The answers here are dated, can someone please help with the mechanic

 
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2 Replies

1099R shows gross distribution, but not the amount I “rolled back in” (or whatever the correct term is) to the same traditional IRA. So my income amount shown in Turbo Tax is incorrect. The answers here are dated, can someone please help with the mechanic

Where is it incorrect?  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 and make sure it’s right. For 1099R check 1040 line 4a/5a and 4b/5b for any taxable amount. If it was a rollover it should say ROLLOVER by the “b” line and 0 taxable. 

 

After you enter the 1099R it will ask what you did with it.  

Pick I moved it to another retirement account even if you put it back into the same account.

 

Oh what code is in box 7?

DavidD66
Expert Alumni

1099R shows gross distribution, but not the amount I “rolled back in” (or whatever the correct term is) to the same traditional IRA. So my income amount shown in Turbo Tax is incorrect. The answers here are dated, can someone please help with the mechanic

Forms 1099 do not show the amounts that rolled into another, or the same IRA unless it is a "direct rollover" - trustee to trustee.  After you enter your 1099-R you will be on IRA summary screen.  Be sure to click on "Continue" and the answer the questions.  One of the questions will be "What did you do with the money" and one of your choices will be rolled it all into another or the same IRA.  Answering that question will keep your distribution from showing as taxable on your tax return.

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