We moved my wife's retirement funds from her former employer's company into our personal company. This amount shows as income for 2019 since we withdrew it. However, the funds were electronically transferred into the other account. Does this type of transaction actually qualify as income?
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If you rolled over the money from one retirement fund to another, you may receive a 1099-R from the original retirement account.
After you enter that 1099-R you will be asked if you rolled over the distribution to another retirement fund.
You should have a 1099R for it. What code is in box 7?
Didn't get that response option.
If you have Code G that is a rollover. It will not be included in taxable income.
Code G is for a Direct Rollover.
The income summary and review screens will show the full gross amount as income so you need to check the actual 1040 line 4b or 4d and make sure it is not taxable and says ROLLOVER by 4b/4d.
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