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dargan1954
New Member

Normal for distribution from existing pension (subsequently rolled over to an IRA) to show as income? Marked it as a rollover, just want to ensure not paying taxes on it

 
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KenH1
New Member

Normal for distribution from existing pension (subsequently rolled over to an IRA) to show as income? Marked it as a rollover, just want to ensure not paying taxes on it

If you take the steps below, your distribution will not be included in your taxable income (unless you rolled it into a Roth IRA).  It may appear in the Tax Summary, which is meaningless.

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

Normal for distribution from existing pension (subsequently rolled over to an IRA) to show as income? Marked it as a rollover, just want to ensure not paying taxes on it

If you take the steps below, your distribution will not be included in your taxable income (unless you rolled it into a Roth IRA).  It may appear in the Tax Summary, which is meaningless.

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

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