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rickp1958
New Member

Had taxes taken out on the 1099r form and rolled over the distribution into another ira do I still owe more taxes?

 
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1 Best answer

Accepted Solutions
KenH1
New Member

Had taxes taken out on the 1099r form and rolled over the distribution into another ira do I still owe more taxes?

Rollovers are 100% tax-free, unless you converted to a Roth in the process.  

You should have received a 1099-R. Enter it exactly as printed, including box 7. Go to:

Federal Taxes (top menu)

Click Income & Expenses (just below top menu)

Scroll down to Retirement Plans and Social Security and click Show More (if necessary)

Enter the 1099-R form.  Hopefully the code is G (direct rollover).  If not, take these additional steps:

At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over.

There should be no impact on your taxes.

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3 Replies
kdandy3
New Member

Had taxes taken out on the 1099r form and rolled over the distribution into another ira do I still owe more taxes?

All steps are there except the final question what did you do with they money.  It asked if it was put in a Roth IRA or a Health Plan but it does not give you an option for roll over to another retirement plan.
KenH1
New Member

Had taxes taken out on the 1099r form and rolled over the distribution into another ira do I still owe more taxes?

Rollovers are 100% tax-free, unless you converted to a Roth in the process.  

You should have received a 1099-R. Enter it exactly as printed, including box 7. Go to:

Federal Taxes (top menu)

Click Income & Expenses (just below top menu)

Scroll down to Retirement Plans and Social Security and click Show More (if necessary)

Enter the 1099-R form.  Hopefully the code is G (direct rollover).  If not, take these additional steps:

At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over.

There should be no impact on your taxes.

Had taxes taken out on the 1099r form and rolled over the distribution into another ira do I still owe more taxes?

Thank  you.  My issue seems to be that it asks a Question afterwards that when i answer it changes everything one way or the other.

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