Pension Distribution

[potterswa]

My husband rolled over into a IRA his retirement from UCI and it was reported on a 1099-R.  Box 2a states taxable amount is zero, but on my return it is showing taxable.  How do I fix it?  Also, there was an error on the disbursement checks and we actually didn't receive the retirement until 2021, but UCI has already reported it in 2020.  Is this a problem?

[BillM223]

First, what was the distribution code on the 1099-R?

Second, when asked what you did with the money shortly after your entered the 1099-R, how did you answer? You should have answered that you rolled the money over to another retirement account. Go back and review the 1099-R interview.

Third, "disbursement checks". What disbursement checks? Are you also drawing a pension? Or is this part of the rollover?

[potterswa]

The code is G.  I'll go back and see if it asked that roller question.  It didn't when I entered it prior.

[potterswa]

Unfortunately it's still showing as income and a lot of taxes are due.  I deleted the entries and started again.  Even after deleting the 2 1099-Rs that were rolled over, it still showed the taxes due on these 1099-R's.  Help!

[SusanY1]

Are these the only income on the return?   The taxes may not be coming from these entries, so we may need to troubleshoot elsewhere.  But let's start with checking to be sure these are reporting as they should be.   

You can check to see if the rollovers are being properly excluded (shown only on Line 5a) by previewing your Form 1040.  To do this, Select Tax Tools in the menu on the left side of TurboTax.   Then select Tools.  In the box that pops up select View Tax Summary.  Once the tax summary displays, click on Preview My 1040 which will be in the menu on the left.

When the 1040 displays, check lines 5a, 5b to be sure that the amount rolled over is only on Line 5a.  While you are there, scan to see if anything else unusual pops out.  

If the amount rolled over is on Line 5a, it's not causing the tax.    

[potterswa]

Thanks, but I just started over as I was too frustrated.