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mmdy
Level 1

Pension rollover

Similar to many, I had a pension that was two tiered: the company pension that was directly rolled over to rollover  IRA and a voluntary pension that I contributed to with after tax money that I rolled over to Roth IRA. I received 1099-R and I entered in TurboTax. Later, I came across retirement contributions section in TurboTax. If I enter my amount rolled over to Rollover IRA, I am penalized for amount exceeding 7000$. When I enter Roth IRA amount that I transfered from my voluntary pension, I was penalized because my income is high. Can you please help? Thanks in advance.

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1 Reply
dmertz
Level 15

Pension rollover

None of this is to be entered under Deductions & Credits, go back and remove it from there.

 

For a split rollover, you must split the single code G Form 1099-R that you received into two and enter each separately into TurboTax, one for the portion rolled over to the traditional IRA and another for the after-tax portion (box 5 amount) rolled over to the Roth IRA.  The dollar amounts in the boxes of the two Forms 1099-R must sum to the amount in the corresponding box of the original.

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