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Level 1

How can I enter a non-taxable rollover on Turbotax?

Vanguard accidentally took out my RMD from my IRA twice. The 1099R shows both RMD's summed together as one distribution with federal and state taxes for NJ taken out.Upon learning of their error they redeposited one of the RMD's back into the IRA within the 60 day period permitted. They didn't send me a corrected 1099R or any other documentation. How can I enter this on Turbotax?

1 Best answer

Accepted Solutions
Level 1

How can I enter a non-taxable rollover on Turbotax?

To report your IRA distribution and partial return of said distribution, you will need to:

  • Log into your TurboTax return
  • Click on Federal Taxes
  • Click on Wages and Income
  • Scroll to Retirement Plans and Social Security
  • Click on the button beside IRA, 401(k), Pension Plan Withdrawals (1099-R) (See the screenshot below)
  • You will be asked if you have any of the types of retirement income listed – you will need to answer yes

Go on through the next couple of screens entering your information.  When you get to “Enter your 1099-R”, you will enter all the information exactly as it is reported on your Form 1099-R. 

  • When you get to the screen titled "What Did You Do With The Money from (Name of Broker)?" Indicate that you moved the money to another retirement account (or returned it to the same retirement account).
  • Then indicated you did a combination of rolling over, converting or cashing out the money.
  • And how much you rolled over to another (or back to the same) retirement account. 
  • (See the second screenshot below)
Answer a couple more questions and you will be done!
2 Replies
Level 1

How can I enter a non-taxable rollover on Turbotax?

To report your IRA distribution and partial return of said distribution, you will need to:

  • Log into your TurboTax return
  • Click on Federal Taxes
  • Click on Wages and Income
  • Scroll to Retirement Plans and Social Security
  • Click on the button beside IRA, 401(k), Pension Plan Withdrawals (1099-R) (See the screenshot below)
  • You will be asked if you have any of the types of retirement income listed – you will need to answer yes

Go on through the next couple of screens entering your information.  When you get to “Enter your 1099-R”, you will enter all the information exactly as it is reported on your Form 1099-R. 

  • When you get to the screen titled "What Did You Do With The Money from (Name of Broker)?" Indicate that you moved the money to another retirement account (or returned it to the same retirement account).
  • Then indicated you did a combination of rolling over, converting or cashing out the money.
  • And how much you rolled over to another (or back to the same) retirement account. 
  • (See the second screenshot below)
Answer a couple more questions and you will be done!
Level 20

How can I enter a non-taxable rollover on Turbotax?

When you get the RMD question say that part of the distribution was a RMD and enter the actual amount of the RMD, otherwise TurboTax will not allow a rollover if you say it as all a RMD.