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New Member
posted Mar 18, 2021 11:08:59 AM

401K

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

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3 Replies
Expert Alumni
Mar 18, 2021 11:58:03 AM

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"

 

Returning Member
Apr 10, 2021 9:33:37 PM

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!!!)

Expert Alumni
Apr 11, 2021 11:01:58 AM

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

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

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