Problem with reporting IRA rollovers

[sandyenglish51]

Spoiler

Agreed....doesn't work.  Working on 2020 taxes.

Spoiler

.  Working on 2020 taxes.....

[macuser_22]

---

@sandyenglish51 wrote:

I agree....it is taking my 403B as income....I see no other place to post the 1099-R as a complete rollover of money/transfer to a Traditional IRA.  Taxes are due tomorrow and I have tried to fix this problem for over a couple of weeks....

---

Did you enter it as shown above?   What code is in box 7?

What in on the 1040 line 5a and 5b?

[fdlawlor]

TTax 2021 only asks if rolling over to 401k or 403b, not IRA.  Regardless of how I answer it generates a blank 1099b which repeatedly fails the filing review no matter how I try to fix the form.  If I change any info in 1099B it assumes it is all taxable!

[macuser_22]

---

@fdlawlor wrote:

TTax 2021 only asks if rolling over to 401k or 403b, not IRA.  Regardless of how I answer it generates a blank 1099b which repeatedly fails the filing review no matter how I try to fix the form.  If I change any info in 1099B it assumes it is all taxable!

---

Correct..   If not rolled to a Roth IRA or Roth 401(k) then the only other choice is to a Traditional IRA so not need to ask a separate question.  Just answer no to the 2 Roth questions and it *is* a Traditional IRA.

A 1099-R never can generate a 1099B.     You should see the 1099-R box 1 amount on the 1040 line 5a with a blank or zero line 5b.

[GeorgeM777]

One possible explanation for what you are seeing relates to your distribution code.  What code do you have in Box 7 on your 1099-R?  It should be code 2 or code G.  You are correct in that a direct rollover from one traditional IRA to another traditional IRA is a non-taxable event provided it is done within the specific time limits.  Here are the steps to effect the traditional IRA rollover in TurboTax online. 

1. Start at Income & Expenses
2. Scroll down to Retirement Plans and Social Security
3. Continue through the application until you see a screen where you can select Moved retirement money.
4. You will see a screen where you can import your 1099-R or manually enter the information.  Select Change how I enter my form.
5. Select Type it in myself.
6. Select No when you get to the screen Do any of these situations apply to you?
7. The next screen you should see will ask you whether you moved the money through a rollover or conversion
8. The rest of the steps are self-explanatory.

Follow-up with us if you tried the above steps.

@fdlawlor

[fdlawlor]

box 7 is code G and TTax handles it properly showing the correct refund until it checks my return.

Then it shows errors on a blank 1099-b worksheet IT GENERATED.

I emailed you a screen capture since I don't see how to attach it here.

[fdlawlor]

If I do ANYTHING to fix the generated 1099b worksheet (it won't let me continue) it recalculates the refund - incorrectly.

[fdlawlor]

To be clear, the error check I'm talking about is the one just before filing to IRS.

The error check also came up earlier but when I did nothing TTax continued.

The refund amount was correct if I did nothing.

Before filing, however, it insists that the errors be fixed.

Then it recalculates the refund incorrectly if I modify anything.

[GeorgeM777]

See if deleting the generated 1099-B Worksheet with rectify the error.  In TurboTax online, here are the steps to follow to find and delete a form.

1. Open or continue your return in TurboTax.
2. In the left menu, select Tax Tools and then Tools.
3. In the pop-up window Tool Center, choose Delete a form.
4. Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

@fdlawlor

[fdlawlor]

I'm using the installed version.

I don't see any form deletion option

[fdlawlor]

Under Forms I see

Form 1099-B WKS (No Financial Institution)

  Cap Asset Sales (1) (Not Done)

There are no right mouse actions available.

[MarilynG1]

When you use FORMS > Open Form > 1099-B Worksheet and are looking at the form, click 'Delete Form' at the bottom of the form.

OR, type '1099-b' in the Search area, then click on 'Jump to 1099-b'.

At the 'Here's all the Investment Accounts we have so far' page, delete the 'Untitled' entry. 

Click this link for more info on How to Enter 1099-R.

.

[fdlawlor]

It works! THANK YOU.

However I had to do something additional.

form 8812 (Child tax credit) was also marked in red with "Not Done".

It wanted into about Puerto Rico residency info.

When I entered that (no) and saved, it recalculated incorrectly.

I started over and also deleted 8812.

It again wanted 8812 info but different info (credits received).

I updated that (0) and when I saved it was happy!!!!!!

Looks like a real bug.

[fdlawlor]

The IRS accepted the filing. 😊

[DT52]

The TurboTAx does not ask me if I invested the $ from the 1099_R ..it is showing it as income ...no drop downs about where I put the money ...