Solved: Have 2 1099-r forms.I rolled 403b to IRA & withdrew a portion.Inputting both forms Turbo has added them together and it looks like a withdrew more than i did. how to fix?
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landonatcher
New Member

Have 2 1099-r forms.I rolled 403b to IRA & withdrew a portion.Inputting both forms Turbo has added them together and it looks like a withdrew more than i did. how to fix?

1099-r 34,000 (403b rollover)  1099-r 16,000 (withdrawal).  Turbo adds them together which didn't affect taxes but looks like i rolled over/withdrew 50,000 when it was 34,000 and of that i withdrew 16,000.
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Accepted Solutions
ToddL
New Member

Have 2 1099-r forms.I rolled 403b to IRA & withdrew a portion.Inputting both forms Turbo has added them together and it looks like a withdrew more than i did. how to fix?

You don't need to do anything to fix this. Any withdrawal from a retirement account is classified as "Income", whether it is moved to another retirement account or not. The key is whether or not it is taxable income.

You will see the total of all IRA withdrawals on Form 1040, Line 15a, and the taxable amount on Line 15b.

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ToddL
New Member

Have 2 1099-r forms.I rolled 403b to IRA & withdrew a portion.Inputting both forms Turbo has added them together and it looks like a withdrew more than i did. how to fix?

You don't need to do anything to fix this. Any withdrawal from a retirement account is classified as "Income", whether it is moved to another retirement account or not. The key is whether or not it is taxable income.

You will see the total of all IRA withdrawals on Form 1040, Line 15a, and the taxable amount on Line 15b.

View solution in original post

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