I got 1099 Rs from 2 companies from whom I withdrew all my funds. They transferred those funds to another financial institution, which put them in an IRA. But despite correctly answering the question on Turbotax asking if they had been transferred, they still show as income inside the Retirement Income section. The program does not charge me tax on them, but this makes it impossible for me to see what I am doing inside the section. My easy fix is to erase these non-essential 1099-Rs. Am I missing something?
01180
1 Replies
fanfare
Level 15
Feb 25, 2022 12:40:23 PM
"they still show as income inside the Retirement Income section. "
It is "income" but it is not taxable income.
That's how TurboTax does it.
a distribution (1099-R) is income that may or may not be taxable.