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I rolled a total distribution from a pension into a traditional IRA. However Turbo Tax seems to want to consider it taxable income. Is this correct?
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I rolled a total distribution from a pension into a traditional IRA. However Turbo Tax seems to want to consider it taxable income. Is this correct?
It will show as income on the summary screen which shows gross income, not taxable income.
The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.
lines 11a/b and 12a/b if 1040A form
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I rolled a total distribution from a pension into a traditional IRA. However Turbo Tax seems to want to consider it taxable income. Is this correct?
It will show as income on the summary screen which shows gross income, not taxable income.
The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.
lines 11a/b and 12a/b if 1040A form