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Level 1

Question

401K

Forum|Forum|5 years ago
March 18, 2021
1 reply
2 views

I roll over my 401K to an IRA account but I received a 1099R, where do I'am going to report in my taxes?

401K

Level 9

You need to report in the IRA, 401K,Pension Income section of TurboTax under Income & Expenses. Box 7 of your 1099R should have a code G to indicate a rollover. If you rolled the entire balance, none will be taxable to you. After you have logged in and are in your return in TurboTax Online:

Go to Search at the top of the screen.
Enter Form 1099-R in the search box.
You will see a Jump To function that will take you to the 1099-R input screens.
Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

Level 2

Hi - I have distribution from a 401K to IRA, and the 1099-R box 7 shows G. TurboTax is looking as though I getting taxed (my Fed Tax Due jumped substantially!!!)

Level 15

If you continue through the interview you will come to one of two questions

Did you rollover all of this $1,200.00 (Box 1) to another retirement account?
Or it may say What did you do with the money

This is where you resolve that you rolled it into the new IRA.

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