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.
