☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 27, 2022 3:23:38 AM

I changed companies last year and had to rollover my old 401K and Roth 401K into an IRA and a Roth IRA respectively. Do I need to enter these amounts as contributions?

My new company does have a 401K that I contribute to. So, now I have 3 retirement accounts- traditional IRA, Roth IRA, and company 401K. Do I need to report the rollover contributions from previous employer into my traditional IRA and Roth IRA as contributions in "deductions and credits?"

0 1 266
1 Replies
Expert Alumni
Mar 27, 2022 4:09:05 AM

no, rollovers are not contributions. Report the rollover in the Retirement section. Report your contribution by entering your W-2, which will have the amount with code D.

 

You'll get a 1099-R if you received $10 or more from a retirement plan. You can add up to 20 1099-Rs in TurboTax.

Here's how to enter your 1099-R:

  1. Open (continue) your return, if you don't already have it open
  2. Locate the Search bar by the magnifying glass icon. Search for 1099-R and select the Jump to link in the search results
  3. Answer Yes on the Did you get a 1099-R? screen
    • If you land on the Review your 1099-R info screen instead, select Add Another 1099-R
  4. Answer any questions until you get to the screen Let's import your tax info. Here you can choose how you want to enter your 1099-R:
    • If your financial institution is a TurboTax 1099 partner, you can import your form. Select your institution from the list and enter your sign-in credentials, then select Get my form to start the import process
    • If you prefer to upload your 1099-R or type in the info yourself, select Change how I enter my form. On the next screen, select your preferred entry method
  5. Continue answering the questions to enter or review the info from your 1099-R.