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New Member

Why does a total distribution on a 1099R-Code "G" (Direct Rollover) show up as "income" when I complete income section?

This distribution was from a former employer 403(b) plan


Box 2a in 1099R has $0.0.

Box 4 in 1099R has $0.0

In both of these cases I put $0.00 into the Turbo Tax software.

I did roll the entire Total Distribution to regular IRA within 60 days

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Level 2

Why does a total distribution on a 1099R-Code "G" (Direct Rollover) show up as "income" when I complete income section?

It is showing up as income for reporting purposes.  The program should only show the amount on line 4a and listed as zero on line 4b as a taxable amount. 

 

[Edited 3/31/2020 | 5:48 PM]

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Level 2

Why does a total distribution on a 1099R-Code "G" (Direct Rollover) show up as "income" when I complete income section?

It is showing up as income for reporting purposes.  The program should only show the amount on line 4a and listed as zero on line 4b as a taxable amount. 

 

[Edited 3/31/2020 | 5:48 PM]

View solution in original post

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Level 15

Why does a total distribution on a 1099R-Code "G" (Direct Rollover) show up as "income" when I complete income section?

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right.   For 1099R check 1040 line 4b for any taxable amount.  If it was a rollover it should say ROLLOVER by it. 

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New Member

Why does a total distribution on a 1099R-Code "G" (Direct Rollover) show up as "income" when I complete income section?

Hi, there.

Here's my situation: We received our 1099R pension check. That's amount is fine. Then we rolled over an amount from our pension fund. We rolled it over to a different IRA account. The 1099R for that one says 7-G. But TT wants to add it in to total income.

Then from that IRA we rolled over, we received an amount with taxes taken out. That's fine. 

I can't seem to figure out WHY or WHAT to do about the fact that on our 1040 it is including all three 1099r's as income. 

It does say ROLLOVER on the 1040. But the amount on line 4D is adding both the regular Pension, plus the ROLLOVER amount. 

Is this something you could help with?

Thanks.