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ILTAXPP
New Member

When I try to do the indirect rollover and jump to 1099-R it never asks " What did you do with the money?" on the CD version. . How do I get Turbotax to report that?

When I try to do the indirect rollover and jump to 1099-R it never asks " What did you do with the money?" on the CD version. I have the 5498 that shows the new IRA getting the amount on the 1099-R. How do I get Turbotax to report that?


1 Reply
DS30
New Member

When I try to do the indirect rollover and jump to 1099-R it never asks " What did you do with the money?" on the CD version. . How do I get Turbotax to report that?

It depends on the coding in box 7 is on your 1099-R. (You would only report the rollover if you received a 1099-R since your Form 5498 is for information purposes only).

If this is a trustee-to-trustee transfer involving no payment or distribution to the participant, which includes a trustee-to-trustee transfer from one IRA to another IRA, then this is generally not reported on Form 1099-R. Therefore you will have no reporting requirement related to this type of transfer.

 If this is a rollover so you need to report it on your tax return but it will not be included in your taxable income. ("ROLLOVER" will appear on your tax return under the amount.) If the coding is G, then you may not get the question about what did you do with your distribution. This is usually asked for box 7 codes 1, 2 or 7.

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. If you are asked questions in TurboTax about this 1099-R distribution after you have entered it, then just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)

To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.

Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).

To preview your Form 1040:

  • TurboTax Online sign-in, click Here
  • Select "Take me to my Return"
  • Go to "Tax Tools" (on the side bar) then  "Tools"
  • Under the Tools Center, select "view tax summary"
  • Select "Preview my 1040"
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