turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

joao1
New Member

Pension distribution, non taxable - correct?

Hi all

I received a lump sum pension distribution, with the pension account bank sending a check in the full amount directly to my personal bank.  I take it that this is a direct rollover, as subsequently, my personal bank per my instuctions, deposited the full amount for me to an existing retirement managed account. 

 

I did receive a 1099-R indicating in box 2a that the taxable amount is pre-printed <$0.00>

 

Having never done this, just wanted to make sure I did everything correctly, dotting i's and crossing t's.  

 

Thanks in advance.  

joao1

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DanaB27
Employee Tax Expert

Pension distribution, non taxable - correct?

Please follow these instructions to enter the rollover:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
  5. On the "Did you move the money to a Roth IRA?" screen answer "No"

 

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 5b (taxable amount), it should show $0 and state ROLLOVER next to it.

 

To preview Form 1040:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

3 Replies

Pension distribution, non taxable - correct?

What code is in box 7 on the 1099R?  And what account did you put it in?  Was it a Traditional IRA  or a ROTH IRA?  

joao1
New Member

Pension distribution, non taxable - correct?

To VolvoGirl, thanks for responding.

 

1099-R has G as code for box 7. Transfer was made into a managed retirement account which I am told is a traditional IRA type account, not a ROTH, therefore, no taxes were taken out with the transfer. 

 

joao1

DanaB27
Employee Tax Expert

Pension distribution, non taxable - correct?

Please follow these instructions to enter the rollover:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
  5. On the "Did you move the money to a Roth IRA?" screen answer "No"

 

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 5b (taxable amount), it should show $0 and state ROLLOVER next to it.

 

To preview Form 1040:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question