Yes, it does. You should get a Form 1099-R from your State Retirement custodian. 60-day rollover – If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan (see below), so you’ll have to use other funds to roll over the full amount of the distribution. To enter the information, follow these steps:Type “1099-R” in the Search box.Select the "Jump to" link in the search results.Enter the information from your 1099-R form and continue.At the What did you do with the money? screen, select I moved the money to another retirement account.From the drop-down list, select the rolled over option and continue. If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability. Related Information:Where do I enter my 1099-R?What's the difference between a direct vs. an indirect rollover?When is the 60-day IRA rollover requirement waived?[Edited 3-12-2020|12:28 pm PST]

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totallycold87

Level 1

Solved

Got money from State Retirement. Opened an IRA for me and my wife. Does that count as moving the money to another retirement account.

Forum|Forum|7 years ago
June 6, 2019
1 reply
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TurboTax Deluxe Online

Best answer by HelenC12

Yes, it does. You should get a Form 1099-R from your State Retirement custodian.

60-day rollover – If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan (see below), so you’ll have to use other funds to roll over the full amount of the distribution.

To enter the information, follow these steps:

Type “1099-R” in the Search box.
Select the "Jump to" link in the search results.
Enter the information from your 1099-R form and continue.
At the What did you do with the money? screen, select I moved the money to another retirement account.
From the drop-down list, select the rolled over option and continue.

If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability.

Related Information:

[Edited 3-12-2020|12:28 pm PST]

HelenC12Answer

Level 15

Yes, it does. You should get a Form 1099-R from your State Retirement custodian.

60-day rollover – If a distribution from an IRA or a retirement plan is paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. Taxes will be withheld from a distribution from a retirement plan (see below), so you’ll have to use other funds to roll over the full amount of the distribution.

To enter the information, follow these steps:

Type “1099-R” in the Search box.
Select the "Jump to" link in the search results.
Enter the information from your 1099-R form and continue.
At the What did you do with the money? screen, select I moved the money to another retirement account.
From the drop-down list, select the rolled over option and continue.

If taxes were withheld in Box 4 of your form, they'll either be added to your refund or applied to your tax liability.

Related Information:

[Edited 3-12-2020|12:28 pm PST]

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