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pdurietz
New Member

On box 1 & 2 of my 1099-R combines a direct roll over and RMD together. What do I do so as not to be taxed on the total amount?

 
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Accepted Solutions
AnnetteB
Intuit Alumni

On box 1 & 2 of my 1099-R combines a direct roll over and RMD together. What do I do so as not to be taxed on the total amount?

After you have entered the information reported on your Form 1099-R reporting your combined distribution, go through all the following up questions until you see the one that asks 'What did you do with the money?', then use the following steps as a guide: 

  • Answer Moved the money to another retirement account to the question that asks What did you do with the money
  • This will open another question on the same screen to ask Which of the following applies
  • Choose you did a combination of converting, rolling over, or cashing out
  • Enter the amount that was rolled over (the remaining amount will be considered your RMD), then click Continue


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2 Replies
AnnetteB
Intuit Alumni

On box 1 & 2 of my 1099-R combines a direct roll over and RMD together. What do I do so as not to be taxed on the total amount?

After you have entered the information reported on your Form 1099-R reporting your combined distribution, go through all the following up questions until you see the one that asks 'What did you do with the money?', then use the following steps as a guide: 

  • Answer Moved the money to another retirement account to the question that asks What did you do with the money
  • This will open another question on the same screen to ask Which of the following applies
  • Choose you did a combination of converting, rolling over, or cashing out
  • Enter the amount that was rolled over (the remaining amount will be considered your RMD), then click Continue


dmertz
Level 15

On box 1 & 2 of my 1099-R combines a direct roll over and RMD together. What do I do so as not to be taxed on the total amount?

An RMD and a direct rollover cannot be reported on the same Form 1099-R.  For them to be appearing on the same Form 1099-R, the rollover must be an indirect rollover.  TurboTaxAnnetteB's answer assumes that it's being reported as an indirect rollover (code 7).
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