JobTermed, rolled over 401k $10,000. to IRA W/ MY BANK. I enterd 401k 1099R Fidelity & I enter the bank 1099R? WHY HAS INCOME AND TAXES I OWE DOUBLE ON 1099R ENTRIES?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

JobTermed, rolled over 401k $10,000. to IRA W/ MY BANK. I enterd 401k 1099R Fidelity & I enter the bank 1099R? WHY HAS INCOME AND TAXES I OWE DOUBLE ON 1099R ENTRIES?

 
1 Reply
Highlighted
Level 15

JobTermed, rolled over 401k $10,000. to IRA W/ MY BANK. I enterd 401k 1099R Fidelity & I enter the bank 1099R? WHY HAS INCOME AND TAXES I OWE DOUBLE ON 1099R ENTRIES?

It will show as income on the summary screen which shows gross income, not taxable income.

The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.

The income will be reported on line 4a and 4b on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on the 1040 line 4b.  In the case of a rollover, nothing goes on 4b.

**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.**
Privacy Settings