Solved: My 401k direct rollover to a qualified IRA is being reported as income. Is this correct? If not, how do I fix it in turbotax? This has tripled my gross income...
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My 401k direct rollover to a qualified IRA is being reported as income. Is this correct? If not, how do I fix it in turbotax? This has tripled my gross income...

 
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My 401k direct rollover to a qualified IRA is being reported as income. Is this correct? If not, how do I fix it in turbotax? This has tripled my gross income...

It has done absolutely nothing to your taxable income. All distributions have to be reported and Turbotax chose to show the distribution in the Income Summary screen. That does not mean that it is taxable or that it affects your agi or taxable income in any way. The Amount will show on Line 16A of your Form 1040 with the word ROLLOVER next to it. That is the only effect that it has on your tax return.

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Alumni

My 401k direct rollover to a qualified IRA is being reported as income. Is this correct? If not, how do I fix it in turbotax? This has tripled my gross income...

It has done absolutely nothing to your taxable income. All distributions have to be reported and Turbotax chose to show the distribution in the Income Summary screen. That does not mean that it is taxable or that it affects your agi or taxable income in any way. The Amount will show on Line 16A of your Form 1040 with the word ROLLOVER next to it. That is the only effect that it has on your tax return.

View solution in original post

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