turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I have to enter a 1099-R that is for a rollover and is not really income?

no
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

Do I have to enter a 1099-R that is for a rollover and is not really income?

Yes, you do have to enter the form to show the rollover to the IRS.  Just enter the form 1099-R into TurboTax and answer follow up questions. If code G is displayed in box 7, then the rollover and its nontaxable treatment is automatic. Otherwise, you will be asked what you did with the money and you can indicate that you moved money to another retirement account (must do so within 60 days). This will also ensure nontaxable income.  The distribution is correctly included in total income, but not as taxable income. 

Please follow below steps to enter your 1099-R

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

View solution in original post

4 Replies
MargaretL
Expert Alumni

Do I have to enter a 1099-R that is for a rollover and is not really income?

Yes, you do have to enter the form to show the rollover to the IRS.  Just enter the form 1099-R into TurboTax and answer follow up questions. If code G is displayed in box 7, then the rollover and its nontaxable treatment is automatic. Otherwise, you will be asked what you did with the money and you can indicate that you moved money to another retirement account (must do so within 60 days). This will also ensure nontaxable income.  The distribution is correctly included in total income, but not as taxable income. 

Please follow below steps to enter your 1099-R

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)
JudyB
Returning Member

Do I have to enter a 1099-R that is for a rollover and is not really income?

The distribution is NOT included in total income as stated above
djeffbland
Returning Member

Do I have to enter a 1099-R that is for a rollover and is not really income?

The distribution "IS" included in the Total income. Which makes it kind of confusing since there really was no income. Rather money just moved from one IRA to another. I spoke with Turbotax and a CPA and they say it is proper that it shows up on Total Income. It IS properly listed as Pension Non taxable.   

Do I have to enter a 1099-R that is for a rollover and is not really income?

@djeffbland   You are adding on to a post that is several years old.  What are your details?  Where is it showing as income?

 

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 form and make sure it's right.

 

If you rolled it over it should say Rollover to the left of the taxable amount on 4b or 5b.   

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies