I rolled over a 401K into a traditional IRA. The 1009-R has G in box 7 to indicate it was a rollover and the taxable amount in $0. But at the end of my Turbotax review, it shows this amount in my income. Why is that? It certainly is not new income as it was my own 401K built from a previous job years ago and I just rolled over my existing money into another retirement account.
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.
You need to check the actual 1040 line 4b or 5b and make sure it's right.
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.
You need to check the actual 1040 line 4b or 5b and make sure it's right.
It has $0 with a “rollover” note. TurboTax may want to change how they display that as income in a summary as it is confusing.
I agree. This worried me for 30 minutes until I found this post. Why would Turbotax display this as income on the summary screen. Very confusing in a concerning way.