ira rollover

Forum|Forum|5 years ago
January 21, 2021
1 reply
1 view

in; 2020 I entered my 1099R info and a few screens later entered the Amount $ rolled over but TT did not reduce my gross amount by the roll over amount which it should. Is the program in error?

Thanks,

GaryTal

Paul68

Level 2

Same thing has happened to me. There must be an error in the software.

macuser_22

Alumni - Champ

@Paul68 wrote:

Same thing has happened to me. There must be an error in the software.

There is no software error. What are you looking at? The rollover is reported on the 1040 form line 4b (if an IRA) or 5b (if other than IRA) with the word ROLLOVER next to it.

**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.**

Paul68

Level 2

It sure looks like a software error to me. Here's what i entered:

After entering the 1099-R info, including the amount in box 1 and 2a, I then entered a no on the screen asking if it was inherited, then I skipped the screen asking if it was an RMD (not applicable this year), then I answered no on the screen asking if any of it was transferred to charity, then on the next sreen I indicated that the money was transferred to another retirement account and I also indicated that all of the money was rolled over.

That's what was entered. Next I went to the print center to review the results and the amount shows up on BOTH line 4a and 4b and is included in taxable income. There is no "ROLLOVER" printed next to it.

By the way, I had a second 1099-R that was given to a charity (QCD) and it was handled correctly, i.e. reported on line 4a and not shown on line 4b and next to it is written QCD.

So, it sure looks like a software problem to me. If you think I entered something incorrectly, I would be thrilled to change my opinion.

Paul, retired CPA