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alvaradj81
Returning Member

I have two 1099-Rs for the same funds one when I rolled it over to an IRA and a second one when I withdrew from that IRA. When I enter these it counts as income twice.

Is it supposed to count as income twice? It raised my AGI.
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Accepted Solutions
ToddL
New Member

I have two 1099-Rs for the same funds one when I rolled it over to an IRA and a second one when I withdrew from that IRA. When I enter these it counts as income twice.

Technically, any distribution from an IRA is "Income"; whether or not it is included as taxable income on your return will depend on the nature of the distribution. 

Your answers to the interview questions will determine if and how the distribution is taxed.

The initial rollover (qualified retirement plan/IRA to IRA) will show as "Income"in the program and on your tax return (Line 15a of Form 1040) , but it will not be included in your "taxable income" (Line 15b of Form 1040).

The withdrawal (distribution) from the destination IRA will also show as "Income"in the program and on your tax return (Line 15a of Form 1040). If you used the funds from that distribution,  it will be included in your "taxable income" (Line 15b of Form 1040).

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1 Reply
ToddL
New Member

I have two 1099-Rs for the same funds one when I rolled it over to an IRA and a second one when I withdrew from that IRA. When I enter these it counts as income twice.

Technically, any distribution from an IRA is "Income"; whether or not it is included as taxable income on your return will depend on the nature of the distribution. 

Your answers to the interview questions will determine if and how the distribution is taxed.

The initial rollover (qualified retirement plan/IRA to IRA) will show as "Income"in the program and on your tax return (Line 15a of Form 1040) , but it will not be included in your "taxable income" (Line 15b of Form 1040).

The withdrawal (distribution) from the destination IRA will also show as "Income"in the program and on your tax return (Line 15a of Form 1040). If you used the funds from that distribution,  it will be included in your "taxable income" (Line 15b of Form 1040).

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