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We had a 1099-R from withdrawing all funds from a former employer's pension fund rolling over to a tax deferred IRA but TurboTax is showing it as distribution income. Why

 
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Accepted Solutions
Hal_Al
Level 15

We had a 1099-R from withdrawing all funds from a former employer's pension fund rolling over to a tax deferred IRA but TurboTax is showing it as distribution income. Why

After entering the 1099-R, the TurboTax (TT) interview will ask what you did with the $. When you tell you rolled it over, it won't be taxable but will go on line 16a of form 1040 (with 0 on line 16b).

It may be listed on the income summary, but as long as it's not on line 16b (12b of form 1040A), it's not included in income

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Hal_Al
Level 15

We had a 1099-R from withdrawing all funds from a former employer's pension fund rolling over to a tax deferred IRA but TurboTax is showing it as distribution income. Why

After entering the 1099-R, the TurboTax (TT) interview will ask what you did with the $. When you tell you rolled it over, it won't be taxable but will go on line 16a of form 1040 (with 0 on line 16b).

It may be listed on the income summary, but as long as it's not on line 16b (12b of form 1040A), it's not included in income

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