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Level 1

Question

How does TT distinguish an ira rollover from a distribution

Forum|Forum|2 years ago
February 16, 2024
1 reply
0 views

why does TT include inherited IRA rollover as an income distribution

TurboTax Deluxe Online

Alumni - Champ

TT looks at the Distribution Code(s) in Box 7 of your 1099-R.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Level 15

You can't do a Rollover of an Inherited IRA. only a direct trustee-to-trustee transfer. That doesn't go on your tax return.

Level 15

As fanfare said, distributions paid to a non-spouse beneficiary and reported on a Form 1099-R are not pemitted to be rolled over. However, a spouse beneficiary is permitted to roll over a distribution from their deceased spouse's retirement account as long as no part of an RMD is included in the rollover.