Have 2 1099 R's my original from company at my x job & the new one from where I had funds transferred to, why is Turbo Tax adding together as more income when same $ ?

sharsingley · ‎April 9, 2020

MarilynG1 · ‎April 9, 2020

If you transferred your Retirement Funds from one company to another, you would receive a 1099-R from the first company with a Code G in Box 7 to indicate a non-taxable rollover.

If you took a Distribution or had a Loan Balance on your original retirement account, you could receive a second 1099-R.

Check the Code in Box 7 on the 1099-R for info on whether the distribution is taxable or not.

Click this link for info Box 7 Codes.

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Have 2 1099 R's my original from company at my x job & the new one from where I had funds transferred to, why is Turbo Tax adding together as more income when same $ ?