Took money from my pension & rolled over into my 4...
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spikeb
New Member

Took money from my pension & rolled over into my 401k how do i enter that without showing income?

have  1099 from my pension  that I rolled into my 401k.  Then i pulled money from my 401k.  received a 1099 for that.  now shows i have more income that i received
3 Replies
dmertz
Level 15

Took money from my pension & rolled over into my 401k how do i enter that without showing income?

What is the code in box 7 of the Form 1099-R reporting the pension-buyout distribution?

SamS1
Expert Alumni

Took money from my pension & rolled over into my 401k how do i enter that without showing income?

If you did a direct rollover from your pension plan to the 401K, your 1099R should have "G" in box 7.  That code indicates it is a non-taxable rollover to the 401K.  If the coding on the 1099R form from the pension is not a "G", after you enter the 1099R in TurboTax, you will see a series of screens.  When you reach the screen "Did you rollover the gross amount to another retirement account?" enter "Yes"

 

Here is a link that will help you with your 1099R input

 

 

dmertz
Level 15

Took money from my pension & rolled over into my 401k how do i enter that without showing income?

A distribution reported on a code G Form 1099-R is only non-taxable if there is no nonzero amount shown in box 2a of the form provided by the payer.  A rollover from a pension buyout to a traditional 401(k) account should have a zero in box 2a.

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