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I have a 1099 R that reports a distribution but no taxible amount. The distribution is showing as income... eventhough I rolled it over to another 401. Is this correct?

 
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Accepted Solutions
Coleen3
Intuit Alumni

I have a 1099 R that reports a distribution but no taxible amount. The distribution is showing as income... eventhough I rolled it over to another 401. Is this correct?

Rollovers are indicated with a code G if it is custodian to custodian transfer and there should be a zero in Box 2a of your 1099-R. This will make it nontaxable.

If you physically rolled over the distribution, it must have been done within 60 days. You would then have to indicate in the interview section for the form that you rolled it over.

To be sure, look at your actual 1040, not any summation on a TurboTax page. Line 4a will have the enitre amount and 4b, the taxable portion.

To view your 1040 form, follow these steps: 

  1. Sign in at TurboTax.com and select the blue Take Me to My Return button, if you haven't already done so.
  2. On the welcome back screen, select Tax Tools from the menu on the left side of your screen (click or tap the 3 lines in the upper-left corner if you don't see this menu).
  3. Select Tools, and then select View Tax Summary
  4. Preview my 1040 under Tax Home (sidebar)
  5. Click Back near the top of your screen to exit the preview screen.

To view all forms, schedules, and worksheets in your return:

1.       From the My Account drop-down at the top, select Print Center.

2.       In the pop-up, click the first option (Print, save, or preview this year's return). If you haven't paid or registered yet, you'll be prompted to do so before you can view your full return.


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1 Reply
Coleen3
Intuit Alumni

I have a 1099 R that reports a distribution but no taxible amount. The distribution is showing as income... eventhough I rolled it over to another 401. Is this correct?

Rollovers are indicated with a code G if it is custodian to custodian transfer and there should be a zero in Box 2a of your 1099-R. This will make it nontaxable.

If you physically rolled over the distribution, it must have been done within 60 days. You would then have to indicate in the interview section for the form that you rolled it over.

To be sure, look at your actual 1040, not any summation on a TurboTax page. Line 4a will have the enitre amount and 4b, the taxable portion.

To view your 1040 form, follow these steps: 

  1. Sign in at TurboTax.com and select the blue Take Me to My Return button, if you haven't already done so.
  2. On the welcome back screen, select Tax Tools from the menu on the left side of your screen (click or tap the 3 lines in the upper-left corner if you don't see this menu).
  3. Select Tools, and then select View Tax Summary
  4. Preview my 1040 under Tax Home (sidebar)
  5. Click Back near the top of your screen to exit the preview screen.

To view all forms, schedules, and worksheets in your return:

1.       From the My Account drop-down at the top, select Print Center.

2.       In the pop-up, click the first option (Print, save, or preview this year's return). If you haven't paid or registered yet, you'll be prompted to do so before you can view your full return.


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