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Lmkeys64
New Member

Why is my rollover from one retirement account to another being taxed?

It was a 403(b) account and it went to a traditional IRA within 60 days.
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4 Replies
MaryK4
Expert Alumni

Why is my rollover from one retirement account to another being taxed?

If you did not indicate that it was a rollover, you would be taxed on it.  There is a follow-up question after you enter the 1099-R.  

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jcoff
New Member

Why is my rollover from one retirement account to another being taxed?

I took a disbursement and rolled most of it back to my IRA within 60 days. I noted on the Turbotax question that it was a partial rollover. There was no option to show the rollover as being done in 60 days. Now it shows that the amount rolled back into the IRA is being taxed as an "excess contribution" though it is not a contribution. It is a rollover. I don't think this is correct but don't see how to address it.

Why is my rollover from one retirement account to another being taxed?

You must have entered it as a new IRA contribution under Deductions.   Do not enter it there, delete it.  Only enter it from the 1099R, nowhere else.  

jcoff
New Member

Why is my rollover from one retirement account to another being taxed?

I only entered it from the 1099R - and I indicated the portion that was a rollover. There was no follow up question as to the 60 days though so that rollover is still showing as an excess taxable contribution.

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