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Level 1

I have a 1099R from a combo 401a & 457 state retirement account which I indirectly (agent to agent) rolled over into an IRA, where do I enter this and how on TurboTax?

I am older than 59.5 years. This money was never taxed as it was mainly from conversion of accumulated leave time unto cash and from an early out bonus paid at retirement, all reinvested into a Deferred Compensation Plan which was a 401a/457 combined plan. G is marked on the 1099R within Box 7; but no marks are in IRA/Sep/Simple box. Box 2a is $0.00. Please advise. 

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Accepted Solutions
Level 1

I have a 1099R from a combo 401a & 457 state retirement account which I indirectly (agent to agent) rolled over into an IRA, where do I enter this and how on TurboTax?

Please see the instructions below:

  1. Click "Personal Income" on the top
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. TurboTax will ask if this was a rollover to a Roth if it was rolled over to a traditional IRA then answer "no".

Please be aware that it will show as income on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), in the case of a rollover this amount should be 0 and the words ROLLOVER will be next to it.

If it was rolled over into a Roth IRA then this will be taxable income.

 

3 Replies
Level 1

I have a 1099R from a combo 401a & 457 state retirement account which I indirectly (agent to agent) rolled over into an IRA, where do I enter this and how on TurboTax?

Please see the instructions below:

  1. Click "Personal Income" on the top
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. TurboTax will ask if this was a rollover to a Roth if it was rolled over to a traditional IRA then answer "no".

Please be aware that it will show as income on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), in the case of a rollover this amount should be 0 and the words ROLLOVER will be next to it.

If it was rolled over into a Roth IRA then this will be taxable income.

 

Level 1

I have a 1099R from a combo 401a & 457 state retirement account which I indirectly (agent to agent) rolled over into an IRA, where do I enter this and how on TurboTax?

Thanks, I will give that a try...also rolled over to a regular IRA.
Level 1

I have a 1099R from a combo 401a & 457 state retirement account which I indirectly (agent to agent) rolled over into an IRA, where do I enter this and how on TurboTax?

It must have worked as I rolled over the 401a/457 and my tax refund did not show negative results. T/T asked another confusing question: "How were these funds derived?" with choiices A-E  a. being from state retirement benefits and e. being none of the above with a notation box that if I should choose "E" none of the above that I would receive up to a $12k reduction from my total tax liability. All were derived from state retirement benefits; so, the only one which I chose "E" was a non-qualified Annuity which still did not move the needle on my estimated refund; therefore, I am still not 100% sure if it helped until I get through. But thanks for trying, your method was better than my hair pulling and fit throwing 4 sho'!