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Turbo Tax is in error in handling 1099R's.

I used to work for Harris Corp. with used Fidelity Investments to manage their 401(k) accounts.  Harris then sold us to Veritas, and we became known as Peraton, Inc.  Harris then terminated all of its Peraton employees.  Since I was not longer working for Harris, I had my Fidelity 401(k) closed out and a check was sent to Ameriprise Financial to roll the money over to a traditional IRA.  However, your Turbo Tax S/W is screwing all of this up and including this 401(k) as taxable income and Turbo Tax says that I now owe more IRS taxes.  The form that Fidelity sent me was not a full-blown 1099R, but the note contained information that I could make a 1099R from what they sent.  I used Turbo Tax to create this makeshift 1099R and I entered the "G" code on this form, which states that the money is a roll over and should be pre-tax until I start taking it out.  What's wrong?

5 Replies
Level 15

Turbo Tax is in error in handling 1099R's.

Don't do that. The IRS will not have a matching 1099-R for that, and will disallow it.
Level 15

Turbo Tax is in error in handling 1099R's.

Did you say you rolled it to a ROTH IRA?  Delete the 1099R and try again.  @dmertz
Level 15

Turbo Tax is in error in handling 1099R's.

"The form that Fidelity sent me was not a full-blown 1099R"
Level 15

Turbo Tax is in error in handling 1099R's.

What did they send?   Was there  code in box 7?   If it was a Fidelity 401(k) account talk to Fidelity about getting a "real" 1099-R.    It does not need to have a code G in box 7 to be a non-taxable rollover, but it does need to be a 1099-R.
**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.**
Level 14

Turbo Tax is in error in handling 1099R's.

whenever you make up a 1099 or have other discrepancy or complication , attach an explanation statement explaining what you did (with your funds, not with turbotax). Include dates and amounts.
on windows cd version use the "Explain" button