When i input IRA/Roth 1099R's there's no place to say they were rolled over. No Fed taxes were taken out on the form but it still appears as retirement income in turbo?

[ekucz]

My company closed their 401k program, so I transferred to Merrill lynch into my IRA/Roths. I got 2 1099r's.

[DanaB27]

The follow-up questions depend on the code in box 7. 

If the code in box 7 is code G indicating a direct rollover then you should see these follow-up questions:

1. On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
2. On the "Did you move the money to a Roth IRA?" screen answer "No" if moved to traditional IRA or answer "Yes" if moved to Roth IRA

If your code in box 7 doesn't indicate a direct rollover then you will get these follow-up questions:

1. After entering you Form 1099-R continue through the questions
2. Continue until you get to the  "Tell us if you moved the money through a rollover or conversion" screen.  Select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)" if you move it to a traditional IRA or select “I converted some or all of it to a Roth IRA” if you moved it to a Roth IRA.

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 5b (taxable amount). Please note that conversions of pre-tax funds to a Roth IRA will be taxable. 

To preview Form 1040:

1. Click on "Tax Tools" in the left menu
2. Click "Tools"
3. Click "View Tax Summary" in the Tool Center window
4. Click on "Preview my 1040" on the left

[ekucz]

Thank you. Actually on one form it was a G, the other an H.  Those list of questions did not appear. That is what I was looking for. I guess as you stated, the amount is added to our gross income, but not taxable amount. Its just crazy that the questions don't appear after I enter the form.

[DanaB27]

Code H indicates already a direct rollover of a designated Roth account distribution to a Roth
IRA. Therefore, TurboTax will not ask any rollover follow-up questions .

[ekucz]

I never get the question in Turbo where it asks if I rolled it over.  This is on the IRA that is marked with G.

I do get the first question asking if I went from IRA to Roth. I said NO .

But that 2nd part doesn't come up on the next screen.

[DoninGA]

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@ekucz wrote:

I never get the question in Turbo where it asks if I rolled it over.  This is on the IRA that is marked with G.

I do get the first question asking if I went from IRA to Roth. I said NO .

But that 2nd part doesn't come up on the next screen.

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Since your Form 1099-R had a code of G in box 7 and this was from an IRA, the question for what you did with the money will not be asked.

On your Form 1040 Lin 4a the amount of the distribution will be entered.  On Line 4b there will be the word ROLLOVER entered and there will be a 0 entered for the taxable amount.

[JohnB5677]

A 1099-R, code G  means that that money was rolled over to another qualified plan. 

You can check this on your tax return:

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2&3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 4a - IRA distribution

Line 4b - Taxable amount