Rollover 401K moneys to another 401K account in another company

[Marv55]

I'm filling out my TurboTax for 2024. Back in July 2024, I withdrew money from 401K in one institution and rolled over all 401K money to another institution. I did receive 1099-R form for this transaction.

My question is, "Why is this showing up as Income" in my TurboTax forms?

[VolvoGirl]

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Check lines 4b & 5b for any taxable amounts. For a rollover line b should be zero and the word Rollover by it.

Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

[DoninGA]

If there was a code of G in box 7 of the Form 1099-R then it will not be entered as income on your federal tax return.

On the Form 1040 Line 5a will be the amount of the distribution.  On Line 5b will be the word ROLLOVER and a taxable amount of 0.

You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.