Solved: I reported a direct rollover from form 1099-R. The distribution code in box 7 is G with no additional boxes checked. My understanding is that these monies are not to be taxed if rolled over into another qualified plan yet Turbo Tax is showing an $ 11,000
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null286
New Member

I reported a direct rollover from form 1099-R. The distribution code in box 7 is G with no additional boxes checked. My understanding is that these monies are not to be taxed if rolled over into another qualified plan yet Turbo Tax is showing an $ 11,000

 
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Carl
Level 15

I reported a direct rollover from form 1099-R. The distribution code in box 7 is G with no additional boxes checked. My understanding is that these monies are not to be taxed if rolled over into another qualified plan yet Turbo Tax is showing an $ 11,000

Most likely you're looking at the summary screen. That screen shows all money moved for any reason, in your name. That doesn't mean it's all taxable money. The summary shows *all* money.  On the 1040 itself you'll see the amount on line 15 or 16. Box a shows the amount, and box b shows the taxable amount. For the direct rollover the taxable amount will show zero in box b on the appropriate line.

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Carl
Level 15

I reported a direct rollover from form 1099-R. The distribution code in box 7 is G with no additional boxes checked. My understanding is that these monies are not to be taxed if rolled over into another qualified plan yet Turbo Tax is showing an $ 11,000

Most likely you're looking at the summary screen. That screen shows all money moved for any reason, in your name. That doesn't mean it's all taxable money. The summary shows *all* money.  On the 1040 itself you'll see the amount on line 15 or 16. Box a shows the amount, and box b shows the taxable amount. For the direct rollover the taxable amount will show zero in box b on the appropriate line.

View solution in original post

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