I retired last June and after retiring I had my small pension lump sum balance directly rolled over into my IRA.
So now I have a 1099-R which confirms my lump sum pension balance was rolled over directly into my IRA. The 1099 box 7 is correctly marked "G". But when I complete the turbotax income related "interview", answering the required questions, the lump sum pension balance is included in my "Total Income Summary" presented at the end of the 9 income related sections of the interview. It's not income, it's a direct rollover and non-taxable. I went back to the income section to confirm my answers and input.
Is this normal or a software bug? Do I need to make an edit manually by pulling up the associated IRS form turbotax will be filling out for me?
Thanks in advance for any guidance.
You'll need to sign in or create an account to connect with an expert.
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 form and make sure it's right. Check lines 5b for any taxable amount. For a rollover line 5b should be zero and the word Rollover by it.
Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...
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 form and make sure it's right. Check lines 5b for any taxable amount. For a rollover line 5b should be zero and the word Rollover by it.
Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
joey381
New Member
maury2
Level 3
zhaq7
New Member
Eddie 3
New Member
bethfly
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.