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posted Jun 6, 2019 12:58:36 AM

If a retirement account is rolled over into a traditional IRA, without taking any distribution, should it be counted as income?

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1 Best answer
Expert Alumni
Jun 6, 2019 12:58:37 AM

No, a rollover of a retirement account into a Traditional IRA is not taxable.

In the income summary of TurboTax, you will see the amount of the rollover listed as Gross Income, but not as taxable income. On your form 1040, the amount of the rollover is listed on line 4a, and the amount taxable (which should be 0) is listed on line 4b.

1 Replies
Expert Alumni
Jun 6, 2019 12:58:37 AM

No, a rollover of a retirement account into a Traditional IRA is not taxable.

In the income summary of TurboTax, you will see the amount of the rollover listed as Gross Income, but not as taxable income. On your form 1040, the amount of the rollover is listed on line 4a, and the amount taxable (which should be 0) is listed on line 4b.