You'll need to sign in or create an account to connect with an expert.
What is shown on a TurboTax page for total income does not reflect the actual rollover being not taxable.
Look at your Form 1040 on Line 5a for the amount of the distribution, Line 5 c for Rollover being checked and Line 5b with a 0 entered for the taxable amount.
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
IF it truly does show up as taxable income on line 5b of the federal 1040.....
....Then...you may need to edit that 1099-R again...There is one question after the main form that asks if you transferred the $$ to a ROTH IRA...you need to answer NO to that. Since that box 7 already has a "G" in it, then the tax software knows that all that is left is a direct transfer to an IRA (or in more limited cases, perhaps to a different company's 401k)
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
navy-blaster49
New Member
MAC18
Level 5
ebarwick1
Level 1
layane
New Member
user17760428125
New Member