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New Member
posted Mar 2, 2025 8:39:42 AM

Wondering why my tax rate went from 11.9% to 32.5%? Taxable income only went up about $1000 and I had a retirement account rollover into a new provider account?

Saying I owe over $9k- and I take zero deductions.

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1 Replies
Expert Alumni
Mar 2, 2025 8:59:22 AM

I suggest double checking that the retirement rollover reported to you on 1099-R has been indicated as a rollover.  

 

You can revisit the 1099-R section. After entering/checking the data, you will come to a screen with the heading  "Tell us if you moved the money through a rollover or conversion"

 

  • Select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  • On the next screen indicate you rolled all of it over.