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posted May 31, 2019 7:40:04 PM

I have a 1099-R form from US bank from and IRA that I transferred to wells fargo, but when I enter it in it's like I'm getting taxed for withdrawing it

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1 Best answer
Level 15
May 31, 2019 7:40:06 PM

After entering the 1099-R, you must answer the follow up questions to make sure you indicate that it was rolled over within 60 days from the date of the withdrawal. Also, the gross amount shown on tax summaries may not be the taxable amount actually entered on your tax return form. Look at form 1040 line 15b or 16b to see what is actually entered as taxable. Also look for the word rollover.

1 Replies
Level 15
May 31, 2019 7:40:06 PM

After entering the 1099-R, you must answer the follow up questions to make sure you indicate that it was rolled over within 60 days from the date of the withdrawal. Also, the gross amount shown on tax summaries may not be the taxable amount actually entered on your tax return form. Look at form 1040 line 15b or 16b to see what is actually entered as taxable. Also look for the word rollover.