For a qualified pension plan monthly distribution, TurboTax allows you to pick "ROLLOVER" when this is not allowed by the IRS....it should tell you this is not allowed!

Any money from the plan has to be a CONTRIBUTION - will the IRS make a distinction between the two?

posted

Connect with an expert

2 Replies

For a qualified pension plan monthly distribution, TurboTax allows you to pick "ROLLOVER" when this is not allowed by the IRS....it should tell you this is not allowed!

Defined benefit plans which are most pensions or periodic payment plans are not eligible for being rolled over. There is nothing on a 1099-R that identifies the type of plan so TurboTax has no way of knowing if it is eligible for rollover or not so it always asks the question.

**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.**

For a qualified pension plan monthly distribution, TurboTax allows you to pick "ROLLOVER" when this is not allowed by the IRS....it should tell you this is not allowed!

you did not answer YES to the confusing question: is your payment all RMD ?

Still have questions?