I was given a Disability for Life from Social Security since 2003, turned 65 in Nov. '19 and chose to receive a Retirement Pension in lump sum to Roll Over to a local Bank Traditional IRA in Oct. '19. I withdrew $2,823.25 after it had been Rolled over and the Deposit was $30,000. I've received a 1099-R with a 7 in box 7 and IRA/SEP Simple checked. I received a 2019 IRA Fair Market Value and 2020 Required Minimum Distribution Statement from the local bank with no form # on it. I am at that place of entering the info and am needing assistance with how to enter this info.
When you enter the 1099R in the income section, TurboTax will ask what you did with it (rolled it over or did something else with it) and you will answer the rolled it over.
Then TurboTax will ask if you rolled it "all" over, and you will answer --some of it, and then enter the amount you rolled over.
You will then be taxed on the amount not rolled over.
Just enter it and follow the questions.
Hello MichaelL1... Thank you for responding to my question. I had a completely different experience from what you described. I was able to fill in the info but it didn't require any info from the IRA Fair Market Value/Required Minimum Distribution Statement form. So I'm hoping that's all it required. Again, Thank you very much for responding.
The IRA/FMV and required distribution information is for your information and does not get entered in the tax return.
Hope this clears this up.