The distribution check was rolled over an split between an IRA and
Roth IRA with my brokerage firm and not cash/income to me. How do I report this in Turbo Tax as not part of my income and reduce what I owe?
What is the code (or codes) in box 7 of the Form 1099-R provided by the payer?
Is the IRA/SEP/SIMPLE box marked?
Did you inherit this from your spouse?
Thanks for responding. No code in Box 7 of payer’s 1099-R. Inherited from my parent.
If you received a form identified as a Form 1099-R, there must always be a code in box 7.
But was it a qualified annuity? It may not have been. A "5 year annuity" suggests that it is not.
That's what I'm suspecting. If so the distribution from the annuity is taxable and the deposits of money into the traditional and Roth IRAs were entirely independent regular traditional and Roth IRA contributions, not rollovers. That's certainly the case if the distribution was anything other than a distribution from a qualified retirement plan reported with codes 4 and G in box 7 of a Form 1099-R.
Since the only possible way that this could have been a rollover is if it was a direct rollover from an inherited traditional account in a qualified retirement plan to inherited traditional and Roth IRAs, my questions are intended to determine if this might have been what took place.
Form 1099-R Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.:
A single Form 1099-R rolled into multiple types of retirement plans (IRA, Roth IRA, other qualified retirement plan, etc.) is not supported. In this situation you must determine the amount rolled into each type of plan. Then treat each part of the rollover as a separate distribution and enter on multiple 1099-R worksheets.