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New Member
posted Apr 22, 2023 3:39:17 PM

What is a profit sharing account listed as on turbo tax? I transferred my profit sharing account to a traditional IRA. I am having a hard time finding that option.

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1 Best answer
Level 15
Apr 22, 2023 6:07:35 PM

The payer is required to report this transaction on Form 1099-R and you must enter this Form 1099-R into TurboTax in the Wages & Income -> Retirement Plans and Social Security ->  IRA, 401(k) , Pension Plan Withdrawals (1099-R) section and indicate that you moved the money to another retirement account and rolled over the distribution.

1 Replies
Level 15
Apr 22, 2023 6:07:35 PM

The payer is required to report this transaction on Form 1099-R and you must enter this Form 1099-R into TurboTax in the Wages & Income -> Retirement Plans and Social Security ->  IRA, 401(k) , Pension Plan Withdrawals (1099-R) section and indicate that you moved the money to another retirement account and rolled over the distribution.