Solved: I withdrew my entire IRA account and rooled it over into a new IRA at another bank . I rec'd a 1099-R from the original bank. Do I need to enter this info on my return?
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bsanch3234
New Member

I withdrew my entire IRA account and rooled it over into a new IRA at another bank . I rec'd a 1099-R from the original bank. Do I need to enter this info on my return?

The total IRA amount was rolled into the new account.
1 Best answer

Accepted Solutions
macuser_22
Level 15

I withdrew my entire IRA account and rooled it over into a new IRA at another bank . I rec'd a 1099-R from the original bank. Do I need to enter this info on my return?

Yes.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.


Enter the 1099-R information exactly as it is on the form.  If a box is blank - leave it blank - DO NOT enter zero "0".  Be sure you enter the code in box 7 and check the "IRA/SEP/SIMPLE" box ONLY if it is checked on the form. If box 2a says "Unknown" - leave it BLANK - the taxable amount will be calculated based on your answers to the follow-up questions.

If this was a IRA rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b.  In the case of a rollover, that amount will be zero.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

1 Reply
macuser_22
Level 15

I withdrew my entire IRA account and rooled it over into a new IRA at another bank . I rec'd a 1099-R from the original bank. Do I need to enter this info on my return?

Yes.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.


Enter the 1099-R information exactly as it is on the form.  If a box is blank - leave it blank - DO NOT enter zero "0".  Be sure you enter the code in box 7 and check the "IRA/SEP/SIMPLE" box ONLY if it is checked on the form. If box 2a says "Unknown" - leave it BLANK - the taxable amount will be calculated based on your answers to the follow-up questions.

If this was a IRA rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b.  In the case of a rollover, that amount will be zero.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

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