@fstewa01 , I agree that with a direct roll-over as denoted by code G, there should be no tax consequence. But exacts facts and circumstances matter. What did you transfer and how did you do it -- what did you enter to make TurboTax think/assume that this was not a direct roll-over i.e. trustee to trustee? Please tell more --yes?
So, I just entered the information from the 1099-R that I received, which basically had the amount that was distributed and also the distribution code. It also indicated it was a total distribution. The company I left sent a direct payment to another company to put it into another account. And that was all I entered, but when I get to the summary, it says that amount is taxable, but it shouldn't be.
I also forgot to mention that the box that has taxable amount is 0.
@fstewa01 if the code is G and the taxable amount is zero, then I don't understand your concern -- because then it is not a tax event. Why do you Turbo is treating it wrong -- there should zero tax on this
pk
When I go to the review sections, it includes the totals of my distributions as taxable income, that is why I am concerned about it. I was letting you know I entered 0, in box 2a which is the "Taxable Amount" box.
@fstewa01 , that is interesting indeed -- even if it is just a way to tell you all income that you have entered and has nothing to do with the AGI and taxable income. I will try this out and see why it is handling it this way. Will come back later .
pk