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chinaexpat
Returning Member

Double-counting income for IRA rollover is disqualifying me for LLC credit

Turbotax is double counting my IRA conversion (1 - take out of 401k for rollover, 2- put into roth ira) as income.  The first is being counted as taxable income, even though it is designated at a ROLLOVER.  Therefore, it is pushing my income levels up and incorrectly disqualifying me for the Lifetime Learning Credit.

 

Could someone please advise?  Is there a way to manually fix this?

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1 Reply
ColeenD3
Expert Alumni

Double-counting income for IRA rollover is disqualifying me for LLC credit

Unless there is a Code G sin Box 7, you will need to answer further questions in the 1099-R section to show the rollover.

 

Please follow these instructions to  show that  you rolled over a pre-tax 401k into a Roth IRA:

  1. Inside TurboTax, search for 1099-R and select the Jump to link in the search results.
  2. Answer Yes on the Your 1099-R screen and continue.
    • If you land on the Your 1099-R Entries screen, select Add Another 1099-R.
  3. Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.
  4. Answer No to Did You Inherit the IRA from (payer)?
  5. Answer I moved the money to another retirement account on the What Did You Do With The Money From (payer)?
  6. Next, choose I converted all of this money to a Roth IRA account.
  7. Continue answering questions until you come to the Your 1099-R Entries screen.
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