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Why is the same distribution added twice on my income, I rolled it over then took some out and both times it was added to my income
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Why is the same distribution added twice on my income, I rolled it over then took some out and both times it was added to my income
Both distributions were income, only one was taxable income. All income must be reported on an income tax return, taxable or not. The summary screen only shows the gross amounts of the total of all distributions, not the taxable amount.
The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.
lines 11a/b and 12a/b if 1040A form
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Why is the same distribution added twice on my income, I rolled it over then took some out and both times it was added to my income
Both distributions were income, only one was taxable income. All income must be reported on an income tax return, taxable or not. The summary screen only shows the gross amounts of the total of all distributions, not the taxable amount.
The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.
lines 11a/b and 12a/b if 1040A form
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