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.
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
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