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New Member
posted Feb 16, 2021 10:38:04 AM

The program does recognize the different between taxable amount and distribution amount for entering the IRA account Where can I show the rollover amount ?

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1 Replies
Expert Alumni
Feb 16, 2021 10:59:36 AM

Please follow these steps:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  5. Continue answering the questions.

Please be aware that the distribution will show in the income summary, please check line 4  of 1040. If you rolled over the complete amount then 4b (taxable) will be $0.

 

Keep in mind if you converted funds from a traditional IRA to a Roth IRA then it will be included in your taxable income unless you had and tracked a basis (nondeductible contributions) in the traditional IRA. The basis is tracked on Form 8606.