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lesli8993
New Member

I have a 1099R that i rolled over into an IRA. I clicked the "yes" stating that it rolled over. Why on my summery does it show the 1099R amount as income?

 
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dmertz
Level 15

I have a 1099R that i rolled over into an IRA. I clicked the "yes" stating that it rolled over. Why on my summery does it show the 1099R amount as income?

All distributions from retirement accounts, reported on Forms 1099-R, are considered income.  However, the rollover makes it nontaxable income.  Nontaxable income must be included on Form 1040 line 15a or 16a, or From 1040A line 11a or 12a, but otherwise has no effect on your tax return.  In the case of a nontaxable rollover, the amount rolled over will be excluded from Form 1040 line 15b or 16b, or From 1040A line 11b or 12b, and the word ROLLOVER will appear next to the line.

TurboTax's summary shows both taxable and nontaxable distributions.

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dmertz
Level 15

I have a 1099R that i rolled over into an IRA. I clicked the "yes" stating that it rolled over. Why on my summery does it show the 1099R amount as income?

All distributions from retirement accounts, reported on Forms 1099-R, are considered income.  However, the rollover makes it nontaxable income.  Nontaxable income must be included on Form 1040 line 15a or 16a, or From 1040A line 11a or 12a, but otherwise has no effect on your tax return.  In the case of a nontaxable rollover, the amount rolled over will be excluded from Form 1040 line 15b or 16b, or From 1040A line 11b or 12b, and the word ROLLOVER will appear next to the line.

TurboTax's summary shows both taxable and nontaxable distributions.

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