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posted May 31, 2019 10:31:04 PM

How do I report a direct 401-K roll over on turbo tax when I received a1099-R from custodian

a direct roll over is a non taxable tranaction

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1 Best answer
Expert Alumni
May 31, 2019 10:31:06 PM

You are correct - rollover is included in your total income but will show as nontaxable income on your tax return.

Please report your 1099-R into TurboTax (exactly as it appears) and the software will place the income as nontaxable due to a rollover.  Generally code G (box 7) on the form will indicate nontaxable transaction. If you have a different code, please enter it but be sure to answer follow up questions. You'll be able to indicate that you rolled over the money, which will trigger a nontaxable treatment.

 
  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

1 Replies
Expert Alumni
May 31, 2019 10:31:06 PM

You are correct - rollover is included in your total income but will show as nontaxable income on your tax return.

Please report your 1099-R into TurboTax (exactly as it appears) and the software will place the income as nontaxable due to a rollover.  Generally code G (box 7) on the form will indicate nontaxable transaction. If you have a different code, please enter it but be sure to answer follow up questions. You'll be able to indicate that you rolled over the money, which will trigger a nontaxable treatment.

 
  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)