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mfoco_uk
New Member

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

Using Turbotax Premiere + State 2018, Windows CD/Download

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7 Replies
pk
Level 15
Level 15

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

If this was a direct roll-over, then there should be only One 1099-R with code G?  Is this what you have and entered?

what kind of IRA -- traditional etc. or Roth

I do not understand how you go from one 401(k) contract to two entries for the amount to be doubled ---- did you get two 1099-R or what ?

mfoco_uk
New Member

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

Inherited Traditional 401k.  2x1099R received. One was for a cash distribution, the other was for Rollover to Traditional IRA.  Both 1099-Rs copied to NJ State return, but the latter was duplicated (to non-inheritance spouse), and all 3 show as NJ State-taxable.
pk
Level 15
Level 15

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

something is not right here -- NJ is not a community state --- so why/ how should/would TurboTax decide to include spousal SSN on to a 1099-R.  Please go to forms mode and look at your 1099-R entries  ( this would mean looking at the federal portion first and then going to the state return and look to see what has been brought forward.
To go to forms mode --- top of current screen  --see "view", click and from the drop down list  select forms.  New screen opens up with two panes -- left shows all the forms and worksheets  and the right is the one you are currently looking at. Select the  federal 1099-R worksheet. etc. etc.  Try not to make any changes on the forms -- always on the worksheets ( but very carefully).  When all done, -->  "view", select "step-by-step.
Geo7
Level 2

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

Why would you have only one 1099 R when there are two different IRAs (taxpayer & spouse).  We each got a 1099R for our rollover amounts, and Column 7 correctly indicated G in each.  The total of these amounts is showing as rollover amount for each one of us.  Does NJ tax direct rollover amounts as income?

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

The total of your two code G  rollovers will appear on IRS form 1040, but not at all on form NJ-1040.
Since it is code G, there is no taxable amount.

 

This is true for any rollover IRA to IRA, or 401k to IRA.

 

 

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

after 8 months, please start your own thread.

Geo7
Level 2

Married Filing Jointly, 401k to IRA rollover was carried over to NJ State return as separate income for each spouse (thus doubling the amount), and shows as taxable.

I do not understand your suggestion about starting my own thread.  By no means I consider myself as an expert on TurboTax software.  I am just a user.

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