We made a move by check from Scottrade to the Money Market...check went straight to Money Market but now we have a 1099-R from Scottrade. What do we do as this went from one IRA to another and was not income.
You still have to account for the rollover on the Tax return.
If it is from a Roth to a Roth it is non-taxable, also the same for Traditional to a Traditional.
Just enter the 1099R and then carefully answer the questions that follow and if same as one of the above it will be nontaxable.
To enter pension and annuity Payments (1099-R)
• Click on Federal Taxes
• Click on Wages and Income
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button
You still have to account for the rollover on the Tax return.
If it is from a Roth to a Roth it is non-taxable, also the same for Traditional to a Traditional.
Just enter the 1099R and then carefully answer the questions that follow and if same as one of the above it will be nontaxable.
To enter pension and annuity Payments (1099-R)
• Click on Federal Taxes
• Click on Wages and Income
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button