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posted Feb 20, 2023 9:55:43 AM

401

I rolled a 401 into a new 401 because of new employer. Why is the amount showing up as income?

0 2 203
2 Replies
Level 15
Feb 20, 2023 9:57:17 AM

 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 form and make sure it's right.

 

If you rolled it over it should say Rollover to the left of the taxable amount on 4b or 5b.   

 

For Online, You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

Level 15
Feb 20, 2023 11:48:08 AM

The TurboTax summary shows both taxable income and nontaxable income.  The rollover you did is nontaxable income that must appear in box 5a of your Form 1040 but has no other effect on your tax return.