Solved: 401K to Traditional IRA rollover
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Hap4
Level 2

401K to Traditional IRA rollover

I rolled my 401K over to a traditional IRA and received a 1099-R.  Do I need to include the gross distribution as income even though I didn't withdraw anything?  The 1099-R is showing the amount I rolled over in the Gross Distribution and shows 0 in the taxable amount and 0 in the federal income tax withheld.

1 Best answer

Accepted Solutions
DanaB27
Employee Tax Expert

401K to Traditional IRA rollover

Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income. 

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Answer all follow-up questions carefully.

 

You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).

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6 Replies
DanaB27
Employee Tax Expert

401K to Traditional IRA rollover

Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income. 

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Answer all follow-up questions carefully.

 

You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Hap4
Level 2

401K to Traditional IRA rollover

Thank you so much for your reply.  I was concerned when I saw what it put in for my income as that was money that was not received, therefore in my head should not be considered income yet.  I appreciate your response!  

techman5003
Level 1

401K to Traditional IRA rollover

Thanks for the answer BUT, When I did the import from Fidelity, it gave me a 1099-DIV, 1099-INT, and a 1099 B. It did not import the 1099-R for my 401k to IRA rollover. Is there a reason the import didn't pic this form up?

LinaJ2020
Employee Tax Expert

401K to Traditional IRA rollover

Did you try to go to the 1099-R section to import?  Here are the steps:

 

In TurboTax online,

  • Sign into your account, select Pick up where you left off
  • At the right upper corner, in the search box, type in 1099r and Enter 
  • Select Jump to 1099r
  • Follow prompts
  • On-screen, "Let's import your tax info, select your company
  • Follow prompts to continue

If import does not go smooth, I will suggest to manually enter info. Follow the above steps then :

  • On-screen, "Let's import your tax info, select I'll type it myself
  • Follow prompts to continue to enter info

Is your 1099-R showing a code G in box 7 as a direct rollover?   Based on your information, your transaction should be nontaxable.  The amount will still show on line 4a on Form 1040 as a reportable event but not taxable. 

 

 

 

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techman5003
Level 1

401K to Traditional IRA rollover

Sorry for the delayed response. 

 

I tried to import from the main import screen and from the 1099R section. Neither brought in my 1099R's from Fidelity. I had to manually input them. Not a crisis but was surprising I could not import all the data needed. 

 

Thanks 

techman5003
Level 1

401K to Traditional IRA rollover

OBTW - there is a code G in box 7. It appears the rollover was not listed as taxable.

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