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Why is an IRA rollover to another Instituion counted as INCOME?

Fidelity sent us a 1099-IRA, with Box 7 marked G,(as a rolling over distribution )the entire amount to Schawab IRA. This entire amount in Turbo Premier shows up as INCOME. What do I do?
1 Reply
Expert Alumni

Why is an IRA rollover to another Instituion counted as INCOME?

A IRA rollover is not taxable. TurboTax will list as Gross Income in the Income summary but not as taxable income.

You do not need to do anything. The gross amount will be transferred to line 4a of form 1040, but line 4b which is the taxable amount will 0.

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