I have a 1099-R form for a roth withdrawl that was...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
thimmig2
New Member

I have a 1099-R form for a roth withdrawl that was actually just a manual transfer to another roth account. How do I specify that so it doesn't add taxable income?

 
3 Replies
HelenC12
Employee Tax Expert

I have a 1099-R form for a roth withdrawl that was actually just a manual transfer to another roth account. How do I specify that so it doesn't add taxable income?

To enter your 1099-R Rollover information, follow these steps:

  1. Search for 1099-R and select the Jump to link in the search results.
  2. Enter the information from your 1099-R form and answer the questions about the rollover.
  3. When asked What did you do with the money from (bank)? select I moved the money to another retirement account (or returned it to the same retirement account) and I rolled over all of this money.

If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability.

Related Information:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
ss60
New Member

I have a 1099-R form for a roth withdrawl that was actually just a manual transfer to another roth account. How do I specify that so it doesn't add taxable income?

I have 2 1099-R's for the same money.  Moved 401k from prior employer to Traditional IRA and then moved that same money from Traditional IRA to Roth IRA.  When I answer all the questions correctly the summary "doubles" the money as income.  It is the same money, 2 transactions.

 

One is not taxable, the move from traditional ira to Roth IRA is taxable (which I was made aware of).

 

 

macuser_22
Level 15

I have a 1099-R form for a roth withdrawl that was actually just a manual transfer to another roth account. How do I specify that so it doesn't add taxable income?


@ss60 wrote:

I have 2 1099-R's for the same money.  Moved 401k from prior employer to Traditional IRA and then moved that same money from Traditional IRA to Roth IRA.  When I answer all the questions correctly the summary "doubles" the money as income.  It is the same money, 2 transactions.

 

One is not taxable, the move from traditional ira to Roth IRA is taxable (which I was made aware of).

 

 


It will show as income on the summary screen which shows gross income, not taxable income.

The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.  As far as the IRS is concerned they are both "income" even if the same money.

The income will be reported on line 4a and 4b on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on the 1040 line 4b.  In the case of a rollover, nothing goes on 4b.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Dynamic AdsDynamic Ads
v
Privacy Settings