why is my IRA rollover being taxed

[dorstbetty]

I rolled over 401K IRA to traditional IRA. What am I being taxed

[MinhT1]

You have to indicate in TurboTax that this is a rollover.

In TurboTax Online, enter your form 1099-R by following these steps:

1. Open your tax return
2. Click on Federal in the left-hand column, then on Wages & Income
3. Navigate to the list of income categories
4. Locate the section Retirement Plans and Social Security and click on the arrow on the right
5. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
6. Enter your form 1099-R and follow the interview
7. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)

[VolvoGirl]

Are you seeing a taxable amount on 1040 line 5b?   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.

What code is in box 7 on the 1099R?  Was it a direct transfer to the IRA or did you get a check?   And if they took any withholding out of it you needed to replace the withholding with your own money or the withholding becomes a taxable distribution.