I retired 2019 and rolled over my 401 to a big name investment company. I received a 1099R from my former employer for the total distribution, but didn't receive anything from the investment company about it being directly rolled over...the total distribution was sent directly to the investment firm.
How should I report the rollover on my taxes?
Your 1099-R should have a code that determines it is a rollover. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.
Yes, as long as you entered the rollover code, it will not affect your return.
Your 1099-R should have a code that determines it is a rollover. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.
Thank you. Should the total amount be showing up as income?
Yes, as long as you entered the rollover code, it will not affect your return.
That is my question, too. When it shows as income, then it effects other deduction amounts.
To enter a rollover into TurboTax, you can follow these steps online: