How do I correct total income for double reported 1099-R?

Forum|Forum|4 years ago
February 7, 2022
1 reply
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We did a total distribution rollover (from Ameritas to Fidelity). After doing the rollover, we converted part of that into a ROTH IRA. We received a 1099-R from Ameritas for the total distribution and a 1099-R from Fidelity for the ROTH conversion. When inputting all of this into our TurboTax, it seems to be double counting the ROTH conversion portion as Wages/Income (approximately $20K over). I don't see any way to indicate that $20K of the original 1099-R is reported on another 1099-R and that this is not two separate pots of money.

TurboTax Online

Best answer by Opus 17

@ajsluiken wrote:

Thanks for the reply! Yes, it is calculating my taxable income correctly, but on the "wages/income" line of the federal review page, it is adding them both, making our wages/income for the year looking much higher. Perhaps this doesn't matter as long as our taxable income is correct? I guess that is the guidance I am looking for.

If your taxes are calculated correctly, ignore the summary, it's not very accurate.

For the first rollover, the 1099-R with either have a code indicating it was a non-taxable rollover, or if it has a code that makes it taxable, there is a followup question where you can indicate that it was all rolled over.

FangxiaL

Level 10

The total distribution should add the amounts in box 1 of the two 1099-R forms. Only the converted amount should be taxable.

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ajsluikenAuthor

Level 2

Thanks for the reply! Yes, it is calculating my taxable income correctly, but on the "wages/income" line of the federal review page, it is adding them both, making our wages/income for the year looking much higher. Perhaps this doesn't matter as long as our taxable income is correct? I guess that is the guidance I am looking for.

Opus 17

Answer

Level 15

@ajsluiken wrote:

Thanks for the reply! Yes, it is calculating my taxable income correctly, but on the "wages/income" line of the federal review page, it is adding them both, making our wages/income for the year looking much higher. Perhaps this doesn't matter as long as our taxable income is correct? I guess that is the guidance I am looking for.

If your taxes are calculated correctly, ignore the summary, it's not very accurate.