turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Last year I rolled over a money market account from my bank to a separate IRA, but my 1099-R says that that money was distributed. How should I report this?

I won't get the form from my IRA institution that says I rolled over funds until May.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
KenH1
New Member

Last year I rolled over a money market account from my bank to a separate IRA, but my 1099-R says that that money was distributed. How should I report this?

Sounds like you did an indirect rollover.  In TurboTax, enter your 1099-R just as it is issued.  

TurboTax will then ask a series of questions so the program can determine if the amount is taxable or not. 

At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over down below. 

There should be no effect on your taxes.

View solution in original post

1 Reply
KenH1
New Member

Last year I rolled over a money market account from my bank to a separate IRA, but my 1099-R says that that money was distributed. How should I report this?

Sounds like you did an indirect rollover.  In TurboTax, enter your 1099-R just as it is issued.  

TurboTax will then ask a series of questions so the program can determine if the amount is taxable or not. 

At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over down below. 

There should be no effect on your taxes.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question