If you rollover a pension to a ira do I have to claim on my tax return

[jterry1]

I received a pension when I retired in October. I rolled it over to an IRA with the same financial institution. Do I have to claim the monies on my tax return ?? I did receive a 1099-r ??

[DDollar · Accepted solution]

You must report a direct rollover of an eligible rollover distribution. A direct rollover is the direct payment of the distribution from a qualified plan, a section 403(b) plan, or a governmental section 457(b) plan to a traditional IRA, Roth IRA, or other eligible retirement plan. Your 1099-R should  have Code G in Box 7.  TurboTax will guide you through entering your 1099-R, so that it is reported, but not taxable.

[Jaamkids004]

why is included in my total income it has put us into another tax bracket

[Jaamkids004]

When I entered the the amount even though it has a Distribution Code G  it was included in my total income ...Why? 

[VolvoGirl]

Where are you seeing it included?  Did you check your actual 1040 line 4b or 4c for any taxable amount?  It should say Rollover by it.  

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right.   For 1099R check 1040 line 4b/4d for any taxable amount.  If it was a rollover it should say ROLLOVER by it. 

[pam35337]

ok line 4b or c says rollover but I'm showing other weird things like..schedule 2.. 18 k in IRA---Additional tax on IRAs, other qualified retirement plans, and 

19I. IRA deduction   7K  Alimony Paid Smart Worksheet---which does not apply--???

[DanaB27]

It seems you entered it as a traditional IRA contribution and it is causing an excess contribution penalty. Please make sure you did not enter the rollover in the IRA contribution section. Only enter it in the 1099-R section.

@pam35337

[tlobue]

For 2024, the company I work for closed a pension and rolled that money over to an IRA (approx $20,000).  Can I still make a Traditional IRA or Roth contribution on my 2024 taxes to lower my current Federal Tax amount that I owe.  I'm using TurboTax to do my taxes and I'm at the Retirement and Investment prompt stating "it's not too late to make a IRA contribution of $8,000"(I'm over 50) on my taxes.  Can I still make this investment into a Traditional or Roth IRA?

[dmertz]

The rollover from the pension plan to an IRA has no bearing on the amount that you are eligible to contribute to an IRA as an ordinary contribution.