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.
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.
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..
@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?