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ljmobg
New Member

I retired and rolled my 403b into an IRA. Your calculator is counting it as income! It's not! How to fix this?

 
1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

I retired and rolled my 403b into an IRA. Your calculator is counting it as income! It's not! How to fix this?

The rollover is included in your total income, but it is not considered taxable income.

The rollover to an IRA would be shown in Box 16a, Form 1040. If the entire amount is rolled over, the line 16b remains blank and the rollover shows correctly as NON taxable income. (Form 1040A line 12a and b).

If you'd like, you may preview Form 1040, before paying for the program to verify the nontaxable treatment. 

  1. From My account drop down, select Tools (you must be logged into your tax return and be IN your tax return)
  2. Select View Tax Summary
  3. Select Preview my 1040

View solution in original post

1 Reply
MargaretL
Expert Alumni

I retired and rolled my 403b into an IRA. Your calculator is counting it as income! It's not! How to fix this?

The rollover is included in your total income, but it is not considered taxable income.

The rollover to an IRA would be shown in Box 16a, Form 1040. If the entire amount is rolled over, the line 16b remains blank and the rollover shows correctly as NON taxable income. (Form 1040A line 12a and b).

If you'd like, you may preview Form 1040, before paying for the program to verify the nontaxable treatment. 

  1. From My account drop down, select Tools (you must be logged into your tax return and be IN your tax return)
  2. Select View Tax Summary
  3. Select Preview my 1040

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