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Why does TurboTax calculate retirement rollover (non taxable) as income? System says I have to pay back health ins discount. Please help. Thank you.
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Why does TurboTax calculate retirement rollover (non taxable) as income? System says I have to pay back health ins discount. Please help. Thank you.
It will show as income on the summary screen which shows gross income, not taxable income.
The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.
The income will be reported on line 4a (or 4c) and 4b (or 4d) on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on the 1040 line 4b (or 4d). In the case of a rollover, nothing goes on 4b (or 4d).
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Why does TurboTax calculate retirement rollover (non taxable) as income? System says I have to pay back health ins discount. Please help. Thank you.
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Why does TurboTax calculate retirement rollover (non taxable) as income? System says I have to pay back health ins discount. Please help. Thank you.
It will show as income on the summary screen which shows gross income, not taxable income.
The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.
The income will be reported on line 4a (or 4c) and 4b (or 4d) on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.
The taxable amount will go on the 1040 line 4b (or 4d). In the case of a rollover, nothing goes on 4b (or 4d).
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