Why do I not get proper entries in 1040 or 8606 form after 1099-R is entered on my home and business desktop software?

[srpatel55]

I do not see entries on 4a/b on 1040 and section II on 8606. I have code 7 in box 7. I withdrew 100K from a 401K and rolled over directly into ROTH with Fed 20K and state tax 2K with holding. What is wrong, please advise.

[ReneV4]

It sounds like what is wrong is that Code 7 used on your Form 1099-R is telling TurboTax that this was a normal distribution, so your entries may not be appearing where you expect to see them because it needs a little more information to understand that this was a rollover.

To correct this, you will need to revisit your 1099-R entry so that you reach the, "Tell us if you moved the money through a rollover or conversion" section where you can indicate that you rolled this money over, rather than taking a normal distribution.

To review your 1099-R:

1. Go to Income on the left panel within your TurboTax account
2. Click on the Review to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R)
3. Click on the pencil to the right of your 1099-R to review/edit it
4. Continue through the questions until you reach, "Tell us if you moved the money through a rollover or conversion", where you will select that you did roll it over

Alternatively, if that does not resolve any error messages you are receiving, you can delete the Form 1099-R and re-enter it manually by following the above steps, but using the trash can icon (to the right of your 1099-R) instead of the pencil at step number 3 above. 

After deleting, click outside of the Income section (such as on Deductions & Credits) before going back to Income to re-enter the Form 1099-R following the above steps.

[srpatel55]

I see this screen which says - Tell us if you moved the money through a rollover or conversion

Based I am withdrawing $100K from workplace 401K (not an IRA) and transferred into $78K ROTH IRA after withholding $22K ($20K for federal and $2K for State) which of the options applies to me?

The following options are given to me on the question you mention. 

1. I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)

 

2. I converted some or all of it to a Roth IRA

 

3. I did a combination of rolling over and converting some or all of this money

4. I didn't roll over or convert this money

 

What are the rules and why should I choose option 1 and not option 2.  I never got the $78K in my hands as it was done directly by the institution.  Are you saying that they coded my box 7 wrong ie it should not be 7 but G or something like it?

BTW I do know how to navigate and add/delete 1099-R which I have done many times?

[srpatel55]

If I choose the first option, then I see the following screen and have to choose item 2 -  No, I rolled over less than $100K.   So, will this still be a rollover or a conversion?

Did you roll over the gross amount of $100,000.00 (Box 1) to another retirement account?

Let us know if you rolled over all or a portion of this distribution by depositing it in another retirement account (or returning it the same one) within the rollover time limits.

Because $22,000.00 was withheld in taxes, you should only select Yes if you actually transferred $100,000.00 using $22,000.00 of your own money.

Yes, I rolled over $100,000.00 to an IRA or other retirement account (or returned it to the same account) using my own money.

No, I rolled over less than $100,000.00.

Actual amount rolled over

I did something else

[VolvoGirl]

Do you still need help with this?   I thought it was cleared up on your other post?  @dmertz 

[srpatel55]

No I shouldn't have to.  I self doubted again after seeing the questioning.   I guess my earlier attempts to ask the question in the initial intuit.com portal are coming across now vs using the ttlc.intuit.com

Sorry, pls close this ticket.