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mattharris20
New Member

I have 2 1099-R forms for the same direct 401k rollover but the money shown in box 1 on both has combined and doubled on turbotax. Is this correct?

 
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Accepted Solutions
DS30
New Member

I have 2 1099-R forms for the same direct 401k rollover but the money shown in box 1 on both has combined and doubled on turbotax. Is this correct?

It depends.

Just check to make sure one of the 1099-Rs is not a corrected 1099-R. If one of the 1099-Rs is indicated as correct (usually the box up on the top of the 1099-R will be marked if it is a corrected version), then only enter the corrected 1099-R.

You may want to contact the provider of your 1099-Rs to ask if one is a corrected 1099-R.

However, if you were issued 2 1099-Rs related to the rollover and neither is a corrected copy, just enter them both because that means that the IRS also received 2 copies.

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)

To enter your 1099- R in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Retirement Plans and Social Security”
  5. Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions

Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).

To preview 1040 in TurboTax Online:

  • Sign into https://myturbotax.intuit.com/
  • Under Tax Timeline, click on Continue your return
  • Go to "My Account" > "Tools"
  • Under the Tools Center, select "view tax summary"
  • Select "Preview my 1040"


View solution in original post

3 Replies
DS30
New Member

I have 2 1099-R forms for the same direct 401k rollover but the money shown in box 1 on both has combined and doubled on turbotax. Is this correct?

It depends.

Just check to make sure one of the 1099-Rs is not a corrected 1099-R. If one of the 1099-Rs is indicated as correct (usually the box up on the top of the 1099-R will be marked if it is a corrected version), then only enter the corrected 1099-R.

You may want to contact the provider of your 1099-Rs to ask if one is a corrected 1099-R.

However, if you were issued 2 1099-Rs related to the rollover and neither is a corrected copy, just enter them both because that means that the IRS also received 2 copies.

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)

To enter your 1099- R in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages and Income” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Retirement Plans and Social Security”
  5. Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions

Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).

To preview 1040 in TurboTax Online:

  • Sign into https://myturbotax.intuit.com/
  • Under Tax Timeline, click on Continue your return
  • Go to "My Account" > "Tools"
  • Under the Tools Center, select "view tax summary"
  • Select "Preview my 1040"


View solution in original post

mattharris20
New Member

I have 2 1099-R forms for the same direct 401k rollover but the money shown in box 1 on both has combined and doubled on turbotax. Is this correct?

Neither have corrected copy checked and are both from different payer's. I had a 401k with my previous employer through Wells Fargo and when I left they sent my 401k to Total IRA. From Total IRA I did a direct rollover to my new employers Fidelity 401k. The amount in my current 401k is half of what is shown here since these two are displayed as a combined total. Did I miss a step or will this be a non issue for filing?
DS30
New Member

I have 2 1099-R forms for the same direct 401k rollover but the money shown in box 1 on both has combined and doubled on turbotax. Is this correct?

No you entered it correctly (You have to enter both 1099-Rs). Because there were actually 2 separate rollovers, they both need to be reported. This will be a non-taxable event but the IRS will still want you to report both transactions (rollovers) on your tax return so that they can match out your 1099-Rs. This is no indication to the IRS of how much money you have in your 401(k) so reporting double what you have will be a non-issue.
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