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.
Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income.
You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).
Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income.
You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).
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!
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?
Did you try to go to the 1099-R section to import? Here are the steps:
In TurboTax online,
If import does not go smooth, I will suggest to manually enter info. Follow the above steps then :
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.
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