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3codn3r
New Member

In the Turbo tax process I was asked only once for the two accounts I rolled over. One account was not an IRA one was. Why not give me the option for both?

Do I owe taxes for rolling over a non-qualified account to another non-qualified account?
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ThomasM125
Employee Tax Expert

In the Turbo tax process I was asked only once for the two accounts I rolled over. One account was not an IRA one was. Why not give me the option for both?

You would not have to pay tax on a rollover from one type of account to another of the same type.

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3 Replies
ThomasM125
Employee Tax Expert

In the Turbo tax process I was asked only once for the two accounts I rolled over. One account was not an IRA one was. Why not give me the option for both?

You would not have to pay tax on a rollover from one type of account to another of the same type.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
3codn3r
New Member

In the Turbo tax process I was asked only once for the two accounts I rolled over. One account was not an IRA one was. Why not give me the option for both?

Thanks for the timely answer to my question. Now, I must talk with fund people.

dmertz
Level 15

In the Turbo tax process I was asked only once for the two accounts I rolled over. One account was not an IRA one was. Why not give me the option for both?

Non-qualified accounts are not eligible for rollover.  A non-qualified insurance policy or annuity can be exchanged through a process called a section 1035 exchange, reported with code 6 in box 7 of the Form 1099-R, but otherwise its a taxable distribution and an independent purchase of a new policy or annuity.  TurboTax automatically treats a code 6 Form 1099-R as nontaxable because a code 6 Form 1099-R will always have a zero in box 2a as the taxable amount.

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