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posted Feb 17, 2024 3:51:34 PM

I have a 1099-R for an IRA BDA transfer into a qualified IRA BDA account. 1099-R box 2a lists a taxable amount. How do I get this removed in turbo tax? Thanks

Both 2b boxes are checked.  Both IRA BDA accounts are qualified traditional types.  T. Tax software should not tax this type of transaction.  Thanks

0 2 557
2 Replies
Level 15
Feb 17, 2024 3:57:49 PM

What code is in box 7?  The taxable box doesn't mean it will be taxed now.  After you enter the 1099R it will ask what you did with it.  You pick you moved it to another account.  Is it showing up on 1040 line 4b as taxable?  Oh what is a BDA?  @dmertz 

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

 

 

 

Level 15
Feb 17, 2024 4:42:32 PM

An inherited IRA is only allowed to be moved to another inherited IRA by nonreportable trustee-to-trustee transfer where no Form 1099-R is to be issued.  If the IRA was properly moved by trustee-to-trustee transfer where the funds were never paid to you personally, you must contact the original IRA custodian and obtain a corrected Form 1099-R showing that no distribution actually occurred.  Assuming that no taxes were withheld, the previously reported dollar amounts must be replaced with zeros on the corrected form.

 

If the funds actually were paid to you personally, TurboTax does not allow this to be reported as having been rolled over because a distribution from an inherited IRA is not permitted to be rolled over to another inherited IRA.  (A spouse beneficiary is permitted to roll a distribution from their deceased spouse's IRA over to their own IRA provided that no part of an RMD is rolled over.)