Received a 1099-R and placed in an IRA

[81617470_03325]

I took money from a Retirement Account and rolled into an IRA. I received a 1099-R from the Retirement Account. How do I file that 1099-R since I just rolled it into an IRA?

[Fern · Accepted solution]

You should have received a Form 1099 R for the distribution from the retirement account. That gets entered into Turbo Tax.

Select Federal Taxes
Select Wages & Income
Scroll down and select start or review next to IRA, 401(k), Pension Plan Withdrawals (1099-R)

A retirement account that is rolled over to another retirement account is reported as income on your 1040.  However, it is not reported as taxable income.  The Turbo Tax Income summary lists it because it is carried to your tax return.

To see how this is treated on your form 1040:

Select My Account at top of screen
Select Tools
Select View my Tax Summary
Select Preview my 1040.

Scroll down to Line 16.  The distribution should be reported in box 16a but not in box 16b. Because it is not in 16b, no taxes will be calculated on it. Rollover IRAs are treated the same way, but reported on Line 15.