Roth ira vs traditional

Forum|Forum|7 years ago
June 5, 2019
4 replies
67 views

The turbotax forms do not show a screen to rollover traditional ira to traditional ira. The screen only shows Roth ira choice.

TurboTax Premier Online

Best answer by dmertz

Code G without the IRA/SEP/SIMPLE box marked is reporting a rollover from a qualified retirement plan (not an IRA) to another retirement plan (apparently a traditional IRA in this case). To report this properly, TurboTax only needs to know that it was not rolled over to any kind of Roth account.

macuser_22

Alumni - Champ

What code is in box 7 on the 1099-R?
Is the IRA/SEP/SIMPLE box checked - and did you check it in TurboTax?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

larry5925dAuthor

Level 2

yes and it is code G, why is it considered income for 2016?

macuser_22

Alumni - Champ

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b. In the case of a rollover, that amount will be zero.

lines 11a/b if 1040A form

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**