2015 IRA distribution and partial rollover

Forum|Forum|7 years ago
June 6, 2019
1 reply
2 views

I withdrew $50,000 from IRA; withheld $5,000 for taxes; rolled over $30,000 in a new bank IRA; cashed out the remaining $15,000. How do I report the $30,000 on Turbo Tax? What bank tax statement do I need for the $30,000 rollover? I have a $50,000 1099-R

TurboTax Deluxe Online

Best answer by DS30

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report all of the 1099-R distribution on your tax return even if some is not taxable.

If you get a 1099-R that includes both a rollover (or money put back into the same account) and a partial distribution, just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot) but that you did a combination of rollover and distribution. Enter the amount of the rollover here and it will not be taxable.

To enter your 1099- R in TurboTax Online or Desktop (you may need to upgrade to report these distributions), please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
Next click on "jump to full list" or “I’ll choose what I work on”
Scroll down the screen until to come to the section “Retirement Plans and Social Security”
Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions

Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).

To preview 1040:

Sign into https://myturbotax.intuit.com/
Under Tax Timeline, click on Continue your return
Go to "My Account" > "Tools"
Under the Tools Center, select "view tax summary"
Select "Preview my 1040"

D

DS30Answer

Level 12

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report all of the 1099-R distribution on your tax return even if some is not taxable.

If you get a 1099-R that includes both a rollover (or money put back into the same account) and a partial distribution, just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot) but that you did a combination of rollover and distribution. Enter the amount of the rollover here and it will not be taxable.

To enter your 1099- R in TurboTax Online or Desktop (you may need to upgrade to report these distributions), please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
Next click on "jump to full list" or “I’ll choose what I work on”
Scroll down the screen until to come to the section “Retirement Plans and Social Security”
Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions

Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).

To preview 1040:

Sign into https://myturbotax.intuit.com/
Under Tax Timeline, click on Continue your return
Go to "My Account" > "Tools"
Under the Tools Center, select "view tax summary"
Select "Preview my 1040"

H

HappyToPay

Level 2

I have similar question, and I've done all the above. But on my MI return for Retirement and Pension Benefits, do I select Type P (private pension) or Type C (Roth conversion)? Each is half right/half wrong, and some MI pension income is not taxable.