Received a 1099R from former employer. Before 60 days I rolled over to my
traditional IRA . How do I enter on form that it is not taxable? A check was issued
and I deposited in IRA. There was tax withholding and I added that withheld amount to the rollover. Turbo Tax Home & Business Program
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Since you rolled over the retirement funds in a timely matter (within 60 calendar days of withdrawal.), you would enter your 1099-R in the Retirement Plans and Social Security section of TurboTax.
Turbotax will show the distribution on Form 1040 Line 15A (for an IRA) with the word ROLLOVER next to it, and there will be no tax consequence.
Please see the image below that shows the screen, in TurboTax, where you would show the rollover designation.
To enter your 2016 1099-R and enter the IRA CONTRIBUTION FOR THE AMOUNT OF TAXES WITHHELD
Since you rolled over the retirement funds in a timely matter (within 60 calendar days of withdrawal.), you would enter your 1099-R in the Retirement Plans and Social Security section of TurboTax.
Turbotax will show the distribution on Form 1040 Line 15A (for an IRA) with the word ROLLOVER next to it, and there will be no tax consequence.
Please see the image below that shows the screen, in TurboTax, where you would show the rollover designation.
To enter your 2016 1099-R and enter the IRA CONTRIBUTION FOR THE AMOUNT OF TAXES WITHHELD
Thanks for the effort, but this did not fix my problem.
I have downloaded the 1099 from Fidelity, and the menu script never comes up with the question about what you did with the money.
I have deleted the 1099, and manually input the information, and it still doesn't come up with the question about what you did with the money.
Was it a RMD?
Since there is no RMD required for 2020, after you enter the 1099R say it was NOT an RMD and then that you rolled it over (even if back into the same account). Was any withholding taken out? If it was then did you replace the withholding with your own money? Otherwise the withholding will be a taxable distribution itself. You will get credit for the withholding taken out.
If you already entered the 1099-R as RMD and changing your answer to the RMD question doesn't work then you have to delete and renter the 1099-R form.
Did that. Deleted. Reimported. no luck. deleted again. entered manually. No luck. Will call TurboTax again for the 2nd time.
Help me enter my IRA 60 day rollover
To enter your rollover, see Where do I enter an IRA rollover?
When you roll over a retirement plan distribution, you generally don’t pay tax on it until you withdraw it from the new plan. By rolling over, you’re saving for your future and your money continues to grow tax-deferred.
I wan to enter my social secuity for 2020!
Enter a SSA-1099, SSA-1099-SM or RRB-1099 under
Federal Taxes on the left side or top
Wages and Income
Then scroll down to Retirement Plans and Social Security
Then the second line - Social Security (SSA-1099. RRB-1099) - click the Start or Revisit button
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