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posted Jun 3, 2019 1:00:53 PM

How does a transfer of an IRA need to be reflected in TurboTax? The funds went from the company plan to Merrill Lynch

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Level 15
Jun 3, 2019 1:00:54 PM

So it sounds like it went from a 401K with the company to an IRA with Merrill Lynch.

If so you will get a 1099R that needs to show this.  It would not be taxable if it goes from a Traditional 401K to Traditional (non-Roth) IRA.

TurboTax will ask if it rolled over and if it was a Roth.  If not, it will not be taxable.

To enter pension and annuity Payments (1099-R)
•    Click on Federal Taxes
•    Click on Wages and Income
•    Click on I'll choose what I work on (if shown)
•    Scroll down to Retirement Plans and Social Security
•    On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button