Entering 1099r indirect rollover

Forum|Forum|7 years ago
June 4, 2019
3 replies
0 views

took a partial distribution at time of rollover

TurboTax Deluxe Online

Best answer by macuser_22

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Enter the 1099-R information exactly as it is on the form. If a box is blank - leave it blank - DO NOT enter zero "0". Be sure you enter the code in box 7 and check the "IRA/SEP/SIMPLE" box ONLY if it is checked on the form. If box 2a says "Unknown" - leave it BLANK - the taxable amount will be calculated based on your answers to the follow-up questions.

If this was a IRA rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved. For a partial rollover say you moved the money then enter the amount of rollover.

(If box 7 has a code “G” it will automatically be a trustee-to-trustee rollover).

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.

M

Marsha5

Level 2

I'm not clear what your question or problem is. When you receive a 1099-R, just copy what is on your form into TurboTax. You can do that in the Step-By-Step or by going directly to Forms.

J

joe15

Level 2

I cannot find the forms on my computer. I am trying to copy the complete tax form filed for my records

macuser_22

Answer

Alumni - Champ

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Enter the 1099-R information exactly as it is on the form. If a box is blank - leave it blank - DO NOT enter zero "0". Be sure you enter the code in box 7 and check the "IRA/SEP/SIMPLE" box ONLY if it is checked on the form. If box 2a says "Unknown" - leave it BLANK - the taxable amount will be calculated based on your answers to the follow-up questions.

If this was a IRA rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved. For a partial rollover say you moved the money then enter the amount of rollover.

(If box 7 has a code “G” it will automatically be a trustee-to-trustee rollover).

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**