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connie-nicholson
New Member

Why does it say dale s 401 k moneys add up to 44,499?. He only had 27184.58 of retirement he rolled over and then took money which means he only has 10,000. left

This says he has 44,499.00 withdrawls Shouldn't it say17314.34 for income since that is the only amount He has Recieved?
2 Replies
SamS1
Expert Alumni

Why does it say dale s 401 k moneys add up to 44,499?. He only had 27184.58 of retirement he rolled over and then took money which means he only has 10,000. left

The 2 amounts totaled equal the $44,499.  If he rolled the 401K amount into a Roth IRA, then it the entire distribution becomes taxable.   The 401K amounts were taken out pre-tax and if he rolled it into a Roth IRA, that is an after-tax IRA that will grow tax free and if he leaves it in 5 years, he will owe no tax on the earnings.  If he rolled the amount in to a traditional IRA, then only the $17314 would be taxable.

 

I would recommend finding out what the type of retirement account the money was rolled into and then going from there.  There are some screens in TurboTax after you enter the 1099R to indicate it was rolled into another retirement account and the amounts.  But first you need to know what type of account the money was rolled into.

 

VolvoGirl
Level 15

Why does it say dale s 401 k moneys add up to 44,499?. He only had 27184.58 of retirement he rolled over and then took money which means he only has 10,000. left

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 form and make sure it's right.

 

If you rolled it over it should say Rollover to the left of the taxable amount on 4b or 5b.   

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