To enter your rollover:
- Type 1099-r in the search box and
click search.
- Click on Jump to 1099-r.
- At the choose your bank or brokerage screen, click on I'll type it in myself.
- Enter your 1099-R form exactly as shown. If
the form has Box 7 with code G, Rollover, TurboTax will automatically enter it as a
Rollover on your income tax form.
- If you form does not have Box 7 with code G,
Rollover, on the What
Did You Do With The Money From This Payer? screen, click on I moved the money.... and I rolled over all of the money... See Screenshot below.
- Continue with on onscreen instructions.
Section 1035 exchange. A tax-free section 1035
exchange is the exchange of:
(a) a life insurance contract
for another life insurance contract, or for an endowment or
annuity contract, or for a qualified long-term care
insurance contract; or
(b) a contract of endowment
insurance for another contract of endowment insurance
that provides for regular payments to begin no later than
they would have begun under the old contract, or for an
annuity contract, or for a qualified long-term care
insurance contract; or
(c) an annuity contract for an
annuity contract or for a qualified long-term care insurance
contract; or
(d) a qualified long-term care insurance
contract for a qualified long-term care insurance contract.
A contract shall not fail to be treated as an annuity
contract or as a life insurance contract solely because a
qualified long-term care insurance contract is a part of or a
rider on such contract. However, the distribution of other
property or the cancellation of a contract loan at the time
of the exchange may be taxable and reportable on a
separate Form 1099-R.
These exchanges of contracts are generally reportable
on Form 1099-R. However, reporting on Form 1099-R is
not required if
(a) the exchange occurs within the same
company,
(b) the exchange is solely a contract for
contract exchange, as defined above, that does not result in a designated distribution, and
(c) the company
maintains adequate records of the policyholder's basis in
the contracts.
