Our IRA Income is showing aprox $17,000: there was only a total of 12,000 that we rolled over from other retirement accounts into an IRA as we used it to buy a house.

tbjcowling · ‎June 4, 2019

The $5000 that shows as not taxable is part of the $12,000 that we rolled over and then used as earnest money when we put in a bid on our home. Our home didn't close until January 26, 2017. How do I get the IRA income to reflect accurately so that we are not paying tax penalty? I am not certain that this Turbo tax program is accurately our income.

macuser_22 · ‎June 4, 2019

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.

lines 11a/b and 12a/b if 1040A form

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

macuser_22 · ‎June 4, 2019

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.

lines 11a/b and 12a/b if 1040A form

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Our IRA Income is showing aprox $17,000: there was only a total of 12,000 that we rolled over from other retirement accounts into an IRA as we used it to buy a house.