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To enter your 1099-R Rollover information, follow these steps:
If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability.
Related Information:
I have 2 1099-R's for the same money. Moved 401k from prior employer to Traditional IRA and then moved that same money from Traditional IRA to Roth IRA. When I answer all the questions correctly the summary "doubles" the money as income. It is the same money, 2 transactions.
One is not taxable, the move from traditional ira to Roth IRA is taxable (which I was made aware of).
@ss60 wrote:
I have 2 1099-R's for the same money. Moved 401k from prior employer to Traditional IRA and then moved that same money from Traditional IRA to Roth IRA. When I answer all the questions correctly the summary "doubles" the money as income. It is the same money, 2 transactions.
One is not taxable, the move from traditional ira to Roth IRA is taxable (which I was made aware of).
It will show as income on the summary screen which shows gross income, not taxable income.
The IRS requires reporting all income on a *income* tax return - taxable and not-taxable. As far as the IRS is concerned they are both "income" even if the same money.
The income will be reported on line 4a and 4b on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on the 1040 line 4b. In the case of a rollover, nothing goes on 4b.
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