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posted Jun 1, 2019 10:17:33 AM

Spouse had to rollover her Pension in Merrill inc when she left her job. We did so and got a 1099-r. do i input this also under ira contributions.

As i was saying i put this in under income for the rollover as a 10999r and i need to know if i have to also include it under ira contributions. Near the end of this part of it ask me to put in box 7 what kind of distribution this was.  i chose a rollover to an ira with the same company Merrill lynch edge. if i do that i will get penalized and lose 2000.00 plus dollars in penalties.  Do i need to do this. 

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1 Replies
Expert Alumni
Jun 1, 2019 10:17:34 AM

No, you do not enter this under an IRA contribution.

If the code in box 7 on the 1099-R doesn't already show that it was a direct rollover then follow the steps below to show it was a rollover:

  1. Login to your TurboTax Account 
  2. Click "Take Me To My Return"
  3.  Click "Federal" from the left side of your screen
  4. Scroll down to “Retirement Plans and Social Security” and click “Show more”
  5. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)" 
  6. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  7. Click "I'll Type it Myself"
  8. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc." and select whom the form belongs to.
  9. Click "Continue" and enter the information from your 1099-R
  10. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account”
  11. Then choose “I rolled over all of this money.”