Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
juliann59p
New Member

I took a total distribution from my 401k when I lost my job. I did a partial indirect rollover to a traditional IRA within 60 days. How do I report the indirect rollover?

The 1099-r shows a total distribution.
1 Best answer

Accepted Solutions
DanaB
Intuit Alumni

I took a total distribution from my 401k when I lost my job. I did a partial indirect rollover to a traditional IRA within 60 days. How do I report the indirect rollover?

Please follow the instructions below:

  1. Login to your TurboTax Account 
  2. Click "Take Me To My Return"
  3. Click "Federal" from the left side of your screen
  4. Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)
  5. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  6. Click "I'll Type it Myself"
  7. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  8. Click "Continue" and enter the information from your 1099-R
  9. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account (or returned it into the same account)
  10. Then choose “I did a combination of rolling over, converting or cashing out the money.”
  11. Enter the amount in the field next to “Amount rolled over to another (or back to the same) retirement account

 Please be aware that the whole distribution will show as income on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only the amount that was not rolled over will show here. 

View solution in original post

2 Replies
DanaB
Intuit Alumni

I took a total distribution from my 401k when I lost my job. I did a partial indirect rollover to a traditional IRA within 60 days. How do I report the indirect rollover?

Please follow the instructions below:

  1. Login to your TurboTax Account 
  2. Click "Take Me To My Return"
  3. Click "Federal" from the left side of your screen
  4. Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)
  5. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  6. Click "I'll Type it Myself"
  7. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  8. Click "Continue" and enter the information from your 1099-R
  9. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account (or returned it into the same account)
  10. Then choose “I did a combination of rolling over, converting or cashing out the money.”
  11. Enter the amount in the field next to “Amount rolled over to another (or back to the same) retirement account

 Please be aware that the whole distribution will show as income on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only the amount that was not rolled over will show here. 

juliann59p
New Member

I took a total distribution from my 401k when I lost my job. I did a partial indirect rollover to a traditional IRA within 60 days. How do I report the indirect rollover?

Thank you so much, that worked perfectly!
Dynamic AdsDynamic Ads
Privacy Settings
v