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e083642
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Where to enter Pension and 401k reported on 1099R that was rolled over into IRA. Should not count as income

 
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MichaelDC
New Member

Where to enter Pension and 401k reported on 1099R that was rolled over into IRA. Should not count as income

Make sure that the 1099-R is entered correctly on Retirement Screen, paying particular attention to Box 7. It should probably read Code G for rollover. If you took the distribution and rolled it over within 60 days, see the bottom solution. If you have any other details regarding this question, please feel free to post them in the comment section.

To edit pension and annuity Payments (1099-R)

•        Click on Federal Taxes (Personal using Home and Business)

•        Click on Wages and Income (Personal Income using Home and Business)

•        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

Check your Box 7 for Code G.

Rollover after Distribution

If you rolled over the retirement funds in a timely matter (within 60 calendar days of withdrawal), you would enter your 1099-R in the Retirement Plans and Social Security section of TurboTax. 

TurboTax will show the distribution on Form 1040 Line 15A (for an IRA) with the word ROLLOVER next to it, and there will be no tax consequence.

Please see the image below that shows the screen, in TurboTax, where you would show the rollover designation.

To enter your 2016 1099-R  and enter the IRA CONTRIBUTION FOR THE AMOUNT OF TAXES WITHHELD

·         Type 1099-r in the search box and click search.

·         Click on Jump to 1099-r.

·         At the choose your bank or brokerage screen, click on I'll type it in myself.

·         Enter your 1099-R form exactly as shown. If the form has Box 7 with code G, Rollover, TurboTax will automatically enter it as a Rollover on your income tax form.

·         If you form does not have Box 7 with code G, Rollover, on the What Did You Do With The Money From This Payer? screen, click on I moved the money....  and I rolled over all of the money... See Screenshot below.

·         Continue with the onscreen interview until you get to the How Much Money Did you Actually Deposit? screen. See Screenshot below.

·         Check the circle, Yes, I added XXX to the XXX i got (Total $XXX).

·         Continue with the onscreen interview.

 


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