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You may be seeing the total of the amounts reported on both Form 1099-Rs on a summary page where it will appear that they are both being counted as income. Instead, it is just confirming the total amount of transactions that were entered into your return.
It is more important to verify what amount is being included as taxable income on your return. When you look at your Form 1040, you will see the total amount from both 1099-Rs reported on your return either on line 15a or 16a or a combination of the two lines. You will probably also see the word ROLLOVER reported on one of those lines. Then the amount that is taxable will be listed on line 15b or 16b. The taxable amount should only come from the Form 1099-R with the distribution code “1”.
Use the following steps to take a closer look at your Form 1040 to verify the taxable amount of your distributions:
Click My Account at the top of your screen
Click Tools
On the Tools Center page, below “Other helpful links…”, click View Tax Summary
Click Preview My 1040 shown at the top of your screen
Use the Back choice at the top of the screen to return to your tax return
Note: For 2019 returns, look at lines 4b or 4d of Form 1040 for the taxable amount of the distributions.
[edited 4/7/2020 | 9:09 am PST]
You may be seeing the total of the amounts reported on both Form 1099-Rs on a summary page where it will appear that they are both being counted as income. Instead, it is just confirming the total amount of transactions that were entered into your return.
It is more important to verify what amount is being included as taxable income on your return. When you look at your Form 1040, you will see the total amount from both 1099-Rs reported on your return either on line 15a or 16a or a combination of the two lines. You will probably also see the word ROLLOVER reported on one of those lines. Then the amount that is taxable will be listed on line 15b or 16b. The taxable amount should only come from the Form 1099-R with the distribution code “1”.
Use the following steps to take a closer look at your Form 1040 to verify the taxable amount of your distributions:
Click My Account at the top of your screen
Click Tools
On the Tools Center page, below “Other helpful links…”, click View Tax Summary
Click Preview My 1040 shown at the top of your screen
Use the Back choice at the top of the screen to return to your tax return
Note: For 2019 returns, look at lines 4b or 4d of Form 1040 for the taxable amount of the distributions.
[edited 4/7/2020 | 9:09 am PST]
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