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posted Mar 28, 2025 3:08:54 PM

IRA Rollover

I have an IRA account with Fidelity and withdrew $10,000- in late 2024. I rolled these proceeds into my Individual (K) qualified plan, in which I am the trustee, within the 60 day time frame. Fidelity sent me a 2024 1099-R form showing the distribution amount in Box 1 and 2a. Box 2b is marked as Taxable amount not determined and the code in Box 7 is a 7. 

In Turbo tax how do I account / show these funds were rolled into another qualified plan and no income tax is really owed?

Thanks.

Jack

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1 Best answer
Level 15
Mar 28, 2025 3:12:51 PM

After you have completed entry of the Form 1099-R there will be a series of screens asking questions.  One of these screen will ask what you did with the money.  Choose the answer that you moved the money to another retirement account.

1 Replies
Level 15
Mar 28, 2025 3:12:51 PM

After you have completed entry of the Form 1099-R there will be a series of screens asking questions.  One of these screen will ask what you did with the money.  Choose the answer that you moved the money to another retirement account.