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mdk633
New Member

i rolled over my 401k to a simple ira. There should be $0 tax on this. The 1099r field 7 shows Code G, but t-tax appears to be treating it as taxable.

 
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2 Replies

i rolled over my 401k to a simple ira. There should be $0 tax on this. The 1099r field 7 shows Code G, but t-tax appears to be treating it as taxable.

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.

i rolled over my 401k to a simple ira. There should be $0 tax on this. The 1099r field 7 shows Code G, but t-tax appears to be treating it as taxable.

@mdk633 

 

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)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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