- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I need to set up a separate account for my spouse (to file married/separate). Also have a question about monies rolled over to an IRA.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I need to set up a separate account for my spouse (to file married/separate). Also have a question about monies rolled over to an IRA.
The only thing you would need to do to report the distribution that was rolled into an IRA is to enter your Form 1099-R and answer the follow-up questions. If the account was rolled into a ‘like-kind’ IRA (401k to a Traditional IRA for example), then there would be no tax consequence. It will still be reported on your Form 1040 on line 16a with the designation ROLLOVER beside it. Any taxable amount will be shown on line 16b.
However, as you work through TurboTax, there are various screens of information that summarize your tax return. One of these shows income items. The distribution amount will be shown on that screen because the money was distributed from an account in your name. That does not mean that it is taxable income. You need to look at the actual tax return to make that determination.
You also asked about starting a new account so that you can file your spouse’s return. Take a look at the information below for instructions about how to do that.
https://ttlc.intuit.com/replies/3288574
Note: For tax years 2018 and beyond, the Form 1040 line number references above are incorrect. Look instead at line 4 a-d.
[edited 3/10/2020 | 7:35 AM PST]
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I need to set up a separate account for my spouse (to file married/separate). Also have a question about monies rolled over to an IRA.
The only thing you would need to do to report the distribution that was rolled into an IRA is to enter your Form 1099-R and answer the follow-up questions. If the account was rolled into a ‘like-kind’ IRA (401k to a Traditional IRA for example), then there would be no tax consequence. It will still be reported on your Form 1040 on line 16a with the designation ROLLOVER beside it. Any taxable amount will be shown on line 16b.
However, as you work through TurboTax, there are various screens of information that summarize your tax return. One of these shows income items. The distribution amount will be shown on that screen because the money was distributed from an account in your name. That does not mean that it is taxable income. You need to look at the actual tax return to make that determination.
You also asked about starting a new account so that you can file your spouse’s return. Take a look at the information below for instructions about how to do that.
https://ttlc.intuit.com/replies/3288574
Note: For tax years 2018 and beyond, the Form 1040 line number references above are incorrect. Look instead at line 4 a-d.
[edited 3/10/2020 | 7:35 AM PST]
Still have questions?
Or browse the Forums