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401k rollover showing as a 1099R and shows up on income?

 
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MindyB
Employee Tax Expert

401k rollover showing as a 1099R and shows up on income?

Yes, the 1099-R is taxable, until you indicate you performed a rollover. 

 

 You can do this by revisiting the 1099-R section in TurboTax Online. After entering the data, you will come to a screen with the heading  "Tell us if you moved the money through a rollover or conversion"

 

  • Select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  • Next screen will ask "Did you roll over all of this $8,000.00 (Box 1) to another retirement account?", select "Yes, I rolled over $xx to another traditional IRA or retirement account (or returned it to the same account."

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