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Level 2
posted Apr 4, 2020 5:54:23 PM

Rolled over IRA to 401K. How do I report that into TurboTax

Hi,

I have withdrawn entire balance from my regular IRA and deposited it into my 401K. However, TurboTax seems to be treating this as a permanent withdrawal. Where/How do I enter that this was a rollover to 401K and not a permanent withdrawal?

0 3 1013
3 Replies
Expert Alumni
Apr 4, 2020 6:16:16 PM

You need to go back and edit your 1099-R

 

After you enter your 1099-R Turbo Tax will ask you some questions about the distribution:

  1. When you get to the screen that says, "what did you do with the money?", choose: "moved to another retirement account"
  2. After you make this choice, more options will appear: choose: "rolled over all of this money"

Level 2
Apr 4, 2020 8:30:59 PM

Thank you for your response!

However, in TurboTax, after I enter 1099-R information, it asks "Did you roll-over to Roth IRA", which is NO, then next question is "Did you put this money into HSA", which is again not true in my case. I rolled it over to my current 401K Account. after than it marks the 1099-R as done. It doesn't ask, if I rolled-over this money to 401K.

 

In 1099-R I have Box 7 as G-Direct Rollover and rollover contribution.

Please let me know if I am missing something here.

Regards

 

Level 15
Apr 4, 2020 9:07:36 PM

Sounds right to me.  Code G is a direct transfer and not taxable.  It only asked if it was to a ROTH to see if it should be taxable.  It doesn't need to know it went to a 401K just to another retirement account (but not ROTH).  Check the actual 1040.  It should be on line 4a and zero taxable on 4b and say ROLLOVER by 4a.  And nothing on lines 4c/4d for it.