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Since you rolled over the entire amount of the distribution from a 401(k) to an IRA, just make sure that you let the TurboTax system know that this was a complete rollover. (Just keep a record of your basis information for when you do take a distribution at a future date.)
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.
Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview your Form 1040:
Since you rolled over the entire amount of the distribution from a 401(k) to an IRA, just make sure that you let the TurboTax system know that this was a complete rollover. (Just keep a record of your basis information for when you do take a distribution at a future date.)
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.
Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview your Form 1040:
I rolled over only the post tax contribution from my transitional IRA to Roth IRA. The 1099R shows the taxable amount with 2b (taxable amount not determined) checked.
TurboTax takes all the amount reported in 1099R 2a as taxable. Where should I tell TurboTax this amount is post tax and should not be taxed again?
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