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New Member
posted Mar 7, 2022 10:11:31 AM

Can someone explain or show me why my transferred investments are being taxed?

This past year I transferred 2 TSP and a few investments accounts to Schwab and also have an Annuity that i received 1099-Rs for.  Turbo Tax has totalized those along with my regular Pensions and the tax burden is high despite all being properly coded.
The Retirement Income Results show the total of all 1099-Rs (retirement and investment rollovers) and a high tax.  I checked and rechecked all numbers and coding but it is wacky and making me taxable high

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1 Replies
Expert Alumni
Mar 7, 2022 10:20:59 AM

What code is showing? Is it code G for a direct transfer?

 

If you took the money out and then redeposited it in another retirement account, you have to indicate that in the program. It will ask what you did with the money.