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I switched my IRA administrator early in the year, but not before an IRA distribution occurred. How should I handle this on my tax return?

 
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Accepted Solutions
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I switched my IRA administrator early in the year, but not before an IRA distribution occurred. How should I handle this on my tax return?

If you received a Form 1099-R where the gross amount in box 1 is the amount distributed plus the amount moved to the new IRA, you did a partial rollover.  To report that you would indicate that you moved the money to another retirement account, you rolled over part of the money, then indicate the amount rolled over.  TurboTax will include the gross amount on Form 1040 line 4a but exclude with the ROLLOVER notation the amount rolled over from the taxable amount on line 4b.

 

If instead the Form 1099-R reports only the amount distributed and not the amount moved to the new IRA, just report the amount has having been cashed out.

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1 Reply
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I switched my IRA administrator early in the year, but not before an IRA distribution occurred. How should I handle this on my tax return?

If you received a Form 1099-R where the gross amount in box 1 is the amount distributed plus the amount moved to the new IRA, you did a partial rollover.  To report that you would indicate that you moved the money to another retirement account, you rolled over part of the money, then indicate the amount rolled over.  TurboTax will include the gross amount on Form 1040 line 4a but exclude with the ROLLOVER notation the amount rolled over from the taxable amount on line 4b.

 

If instead the Form 1099-R reports only the amount distributed and not the amount moved to the new IRA, just report the amount has having been cashed out.

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