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I have a 1099 R from one institution regarding a rollover trad IRA. However, I think turbotax sees it as income and I am paying taxes. What am i doing wrong?

 
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1 Reply
SamiaI
Employee Tax Expert

I have a 1099 R from one institution regarding a rollover trad IRA. However, I think turbotax sees it as income and I am paying taxes. What am i doing wrong?

The option to show the rollover comes up during the 1099-R interview, several screens after you enter your 1099-R information. When TurboTax asks What did you do with the money?, check moved the money to another retirement account. This will open a few additional choices, including rolled over all of this money. (See screenshot below)

To enter your rollover:

  • Continue your return in TurboTax. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click My Account (top right of your screen).
  • Click Tools.
  • Click Topic Search.
  • In the search bar, type 1099-r.
  • In the results box, highlight 1099-r and click Go.
  • You'll  land on the Your 1099-R page, which asks Did you have any of these types of income in 2016? Select Yes, 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.

You can read the difference between direct and indirect rollover :

https://ttlc.intuit.com/replies/3880707

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