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cmarti10
New Member

My 1099R was rolled over from one company to another company in which we with drew from. It is showing as income twice.

 
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Accepted Solutions
DanaB
Intuit Alumni

My 1099R was rolled over from one company to another company in which we with drew from. It is showing as income twice.

If the code in box 7 did not already indicate that it was a rollover then you can answer questions in TurboTax that it was a rollover. 

  1. After you entered the information from your 1099-R click "continue
  2. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  3. Then choose “I rolled over all of this money

You can verify on Form 1040 line 4b (taxable amount) that the amount was excluded from taxable income.

Please be aware that TurboTax shows the whole amount in the Gross Income on the Income summary but you will need to look at Form 1040 line 4b to see what was actual taxable. 

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2 Replies
VolvoGirl
Level 15

My 1099R was rolled over from one company to another company in which we with drew from. It is showing as income twice.

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right.   For 1099R check 1040 line 4b for any taxable amount.  If it was a rollover it should say ROLLOVER by it.
DanaB
Intuit Alumni

My 1099R was rolled over from one company to another company in which we with drew from. It is showing as income twice.

If the code in box 7 did not already indicate that it was a rollover then you can answer questions in TurboTax that it was a rollover. 

  1. After you entered the information from your 1099-R click "continue
  2. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  3. Then choose “I rolled over all of this money

You can verify on Form 1040 line 4b (taxable amount) that the amount was excluded from taxable income.

Please be aware that TurboTax shows the whole amount in the Gross Income on the Income summary but you will need to look at Form 1040 line 4b to see what was actual taxable. 

View solution in original post

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