I got a 1099 r but rolled it into another account, how do I enter this in turbo tax?

[LindaA · Accepted solution]

IRA distributions are reported on Form 1099-R. If you had a direct rollover, the funds moved directly from one financial institution to another, so you never saw the money. A direct rollover is indicated with either code G or H in Box 7 of the Form 1099-R. There is no special box 7 code for an indirect rollover (i.e., the code will indicate something else, such as “1” for an early distribution). Instead, enter the 1099-R that reports the distribution, then continue through the tax interview. TurboTax will ask what you did with the money, and you can indicate that you rolled it over (click the first attachment below to enlarge it for reference). Note that if you only rolled over part of the funds, you'll be prompted to enter the rollover amount (click the second attachment below for reference).

To enter your rollover:

• Open (continue) your return in TurboTax.
• In the TurboTax search box, enter 1099-R and press the Enter key, then click on the Jump to 1099-r link.
• On the Your 1099-R screen, check the Yes next to Did you have any of these types of income in 2015? then click Continue.
• Follow the prompts to either import or manually enter your 1099-R form and finish the interview, paying careful attention to the rollover questions if you made an indirect rollover.

For more information, see the FAQ below, What Is the Difference Between a Direct and an Indirect Rollover? https://ttlc.intuit.com/replies/3880707

[RebeccaF]

I reported the rollover income from form 1099R and answered the prompts.  Unfortunately, there is no option for transferring the funds directly into a traditional IRA, only a Roth IRA.  Plus, when I reported the funds my taxes went up!!  Howe is that possible when I did not see any of those funds and should not count as income?

[MarilynG1]

@RebeccaF  If you had a distribution reported on Form 1099-R, that is generally taxable income, so your taxes would go up.

If you  have a Code G in Box 7 of your 1099-R to indicate a Rollover, you will get the screens asking about Roth IRA, but the income is not taxable. 

If you have a Code 7 in Box 7, you can still indicate a Rollover (screenshot) and the income will not be taxable. 

You may want to delete your 1099-R and re-enter it if you can't resolve your issue. 

Click this link for more info on How to Enter an IRA Rollover.