2160174
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dws2
New Member

Rollover and form 8066

I rolled-over my IRA distributions for 2020 but because I previously made non deductible contributions the software wants to calculate the taxable portion of the distributions on form 8066. It does not show the distributions as rolled over so the calculation is showing as taxable income in 4b rather than a roll over. The only way to show the rollover on 8066 is to override the distribution column but the software does not like this.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
DavidD66
Expert Alumni

Rollover and form 8066

You don't want to override anything.  After you enter(ed) the 1099-R, there is a page that asks "What Did You Do With The Money From [Retirement Plan]"? 

Be sure you indicate that you "rolled over all of this money to an IRA or other retirement account (or returned it to the same account)."

Answering these questions correctly will result in your distribution showing up as non-taxable.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dws2
New Member

Rollover and form 8066

There are 3 IRAS. This answer worked for the 2 traditional ones but not for the inherited one (actually an inherited, inherited IRA). It still shows the distribution as taxable even though I returned the funds

dmertz
Level 15

Rollover and form 8066

If this distribution was originally intended to be an RMD, the CARES Act made this distribution cease to be an RMD.  In this case, delete the 1099-R from TurboTax, reenter it, indicate that none of the distribution was RMD, then indicate the amount rolled over.  TurboTax will automatically exclude from Form 8606 any amount that was rolled over.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question