turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

deebill99
Returning Member

Distribution/withdraw

I need serious help!  I received 3 separate 1099R's for 2020, 2 of them where from my ex-employer showing when I retired that I had a distribution rollover (code G- I retired at the age of 52).  Then later in 2020 do to reason beyond my control do to the COVID situation I ended up having to withdraw this rollover money which is the third 1099R I received with a code (1).  In turbo tax it is calculating these 1099R totals as three different retirement incomes.  How do I show that the withdraw is the same money that the distribution was?  Because, right now on the Retirement Income Result page it is showing that (ex: $51,468 out of $118,135 is taxable on  withdraw) and out of the rollover (ex: $10,168 out of $ 110, 423 is taxable) when I took the withdraw I'm claiming the COVID relief shouldn't the first $100,000 be exempt from the 10% early withdraw penalty and then the other tax be spread out over the next three years?  I really think I need to show that the distribution and withdraw are the same money not separate entities.  Also, when I first rolled that money into this account I made a lump sum catch up after tax deposit of $7,000 that I need to claim where do I put this amount in at?    It is also show our total combined gross income as (ex: $253,000) when it should be (ex: $253,000) because it thinks those accounts are two separate entities.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Distribution/withdraw

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right.   Check 1040 lines 4 & 5 line b for the right taxable amount.  Code G is not taxable it will say ROLLOVER by line b.

Distribution/withdraw

enter the rollovers first.

you have to tell TurboTax you rolled it all over even though everybody knows G means Rollover.

Then enter the code 1 distribution.

It will ask you if it is COVID related.

spreading over three years is the default but you don't have to do that.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question