topic Re: 1099-R in Get your taxes done using TurboTax

1099-R

aolfato — Tue, 18 Feb 2020 03:54:32 GMT

Re: 1099-R

macuser_22 — Tue, 18 Feb 2020 03:55:20 GMT

Do you have a question about it?

Re: 1099-R

aolfato — Tue, 18 Feb 2020 04:13:06 GMT

hello, for some reason my original question did not post but anyway, my wife received a 1099-r and box 2a is 0 and so is box 4. Also, box 7 is code G. However, when I'm on the federal review page, the gross distribution amount added as income therefore our federal refund decreased significantly almost to nothing. I did it twice and to no avail. I've seen similar posts but could not find a direct answer. Thank you.

Re: 1099-R

macuser_22 — Tue, 18 Feb 2020 04:22:11 GMT

A code G is a trustee-to-trustee rollover an unless yiu indicated that it was rolled to a Roth account (that would be taxable) , it would be rolled to a Traditional IRA that is not taxable. It should be reported on the 1040 form line 4c with a zero (or blank) line 4d (the taxable amount) with the word ROLLOVER next to it. If not, then I suggest deleting the 1099-R and re-enter.

It will show as income on the summary screen which shows gross income, not taxable income.
The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.

Re: 1099-R

aolfato — Wed, 19 Feb 2020 02:52:43 GMT

thank you mac_user22...you are correct that 1099-R with code G did not affect my refund amount, it was actually an error I did in a couple of entries in the Deduction section that set me back...all is good now...thanks