I transferred my IRA to a different financial inst. and received a 1099-R. It is reported a withdrawal and taxed, but it shouldn’t be. Where do I input the transfer?

[RachelW33]

If you transferred your IRA directly from one financial institution to the other, the code in Box 7 of your 1099-R should be "G" for Rollover.   It will be reported on Line 4a of your Form 1040 along with the word ROLLOVER.  It will not be included on line 4b and will not be taxable.

To enter your Form 1099-R, please follow these steps in TurboTax Online: 

1. Sign in to TurboTax and choose continue or Pick up where you left off
2. On the left side bar, choose Federal and then Wages & Income
3. Scroll through the Income section and click the dropdown menu next to Retirement Plans and Social Security
4. Select Start/Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
5. Answer YES on the screen Did you get a 1099-R in 2024?
6. On the Let's import your tax info screen, Choose the box Change how I enter my form
7. On the How would you like to upload your 1099-R? screen, choose the Type it in myself box
8. Choose the 1st 1099-R box and click Continue
9. From here you can enter the information from your Form 1099-R
10. Walk through all of the follow-up questions until complete