The IRS guidelines say to write Rollover on Line 16 of the 1040 to avoid tax penalties. How do I do this in Turbo Tax? Thank you
After you enter your 1099-R, look for the screen "Tell us if you moved the money through a rollover or conversion" - when you enter the amount, TurboTax will report the ROLLOVER on the tax return.
In general, you may repay all or part of the amount of a coronavirus-related distribution to an eligible retirement plan, provided that you complete the repayment within three years after the date that the distribution was received. If you repay a coronavirus-related distribution, the distribution will be treated as though it were repaid in a direct trustee-to-trustee transfer so that you do not owe federal income tax on the distribution.
MaryK4, where is the "screen "Tell us if you moved the money through a rollover or conversion" - when you enter the amount, TurboTax will report the ROLLOVER on the tax return."? I have a very similar situation and I have entered and deleted the information from my 1099-R form numerous times and have yet to find this screen or options.
I've done my taxes with Turbotax for years and I am at the point where I feel my only recourse for this issue is to make an appointment for an in-person tax preparation service.
Please assist!
Thank you!!
You would first enter under
"Retirement Plan and Social Security"
"IRA, 401(k), Pension Plan Withdrawals (1099-R)"
Yes
"I'll type it in myself"
"Form 1099-R, withdrawal of money from 401(k) retirement plans, pensions, IRSs etc."
Choose the owner of the 1099-R if applicable
Continue
Code in Box 7 should be 1
Continue through several screens to "What Did You Do With The Money?
Select the top option "moved the money to another retirement account"
Choose "Rolled over" from the drop-down if that was what you did.
The screen may look different depending on whether you use Desktop or Online