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pbsabia
New Member

401k rollover from old to current employer 1099-r reason G direct rollover. $0 taxable income. why is turbotax adding it to my income?

 
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1 Reply
dmertz
Level 15

401k rollover from old to current employer 1099-r reason G direct rollover. $0 taxable income. why is turbotax adding it to my income?

All distributions are referred to in the tax code as income, but the rollover makes it nontaxable income.  This nontaxable income is required to be reported on Form 1040 line 5a and but excluded from line 5b with the "ROLLOVER" notation, but otherwise has no effect on your tax return.

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