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susiegrove
New Member

TSP roll over to Traditional IRA?

I retired from the government 8 yrs ago.  I just now rolled over my TSP to a Traditional IRA.  I rec'd a 1099R from TSP to input info in Turbo Tax.  But within Turbo Tax can't seem to find any where to put that it was rolled over to a Traditional IRA. 

3 Replies
macuser_22
Level 15

TSP roll over to Traditional IRA?

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

Answer the follow-up questions that it was *not* rolled to a Roth - the default is a Traditional IRA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
lanwoo
New Member

TSP roll over to Traditional IRA?

The amount should not count as income if rollover to Traditional IRA, TurbTax consider the rollover is an income, it increase my tax tremendously. Need advice..

macuser_22
Level 15

TSP roll over to Traditional IRA?


@lanwoo wrote:

The amount should not count as income if rollover to Traditional IRA, TurbTax consider the rollover is an income, it increase my tax tremendously. Need advice..


A rollover will have not effect on your tax.    Any any tax will be on the 1040 line 5b for a 401(k) type plan or 4b of an IRA.

 

What is on the 1040 line 4b or 5b?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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