IRA distributions are reported on Form 1099-R. If you had a direct rollover to a Traditional IRA, the funds moved directly from one financial institution to another, so you never saw the money. Direct rollovers to a Traditional IRA are indicated with a code G in box 7 of the Form 1099-R. There is no special box 7 code for an indirect rollover (i.e., the code will indicate something else, such as “1” for an early distribution). Instead, enter the 1099-R that reports the distribution, then continue through the tax interview. TurboTax will ask what you did with the money, and you can indicate that you rolled it over. Note that if you only rolled over part of the funds, you'll be prompted to enter the rollover amount. (Click the screenshots below for reference).
To enter an indirect rollover in TurboTax:
- Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
- Click the drop-down arrow next to Tax Tools (lower left of your screen).
- Select Tools.
- In the pop-up window, select Topic Search.
- In the I'm looking for: box, type 1099-r.
- In the results box, highlight 1099-r, then click GO.
- Follow the onscreen instructions to completion, paying careful attention to the rollover questions if you made an indirect rollover.
Note: If using the
TurboTax CD/Download software, you'll use the Find
function (instead of "Tax Tools") to search for the topic.
For more information, see the FAQ below, What Is the Difference Between a Direct and an Indirect Rollover?
https://ttlc.intuit.com/replies/3880707
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