topic Re: 401K distribution rollover in Get your taxes done using TurboTax

401K distribution rollover

buffalomike — Mon, 17 Feb 2020 23:21:35 GMT

Why is a 401K distribution shown on a 1099-R form which was rolled over into another IRA shown as income? It's shown as non-taxable, box 2a, and box 7 is marked "G".

Re: 401K distribution rollover

MinhT1 — Mon, 17 Feb 2020 23:35:23 GMT

After you enter your form 1099-R, continue the interview to indicate (or confirm) that this is a rollover. TurboTax will exclude it from taxation.

On the income summary, you will see the distribution in Gross Income, but not taxable income.

Re: 401K distribution rollover

Kurt5 — Tue, 25 Feb 2020 04:53:39 GMT

What will these calculations showing rollovers as Gross Income do to calculations for ACA subsidies? When estimating my income for ACA subsidies I certainly was not taking into account rollovers from one retirement account to another retirement account.

Re: 401K distribution rollover

DaveF1006 — Thu, 27 Feb 2020 22:12:50 GMT

it depends on the rollover. According to this Turbo Tax link, your original retirement account was funded with pre-tax dollars, and you rolled it into a Roth IRA, then the income would be includable income in determining ACA subsidies.

Re:401k distributon and rollover

donmads — Fri, 28 Feb 2020 21:37:30 GMT

Reviewing my return in turbo tax I keep getting asked to input city, state etc for my 401 that I entered.

I have entered just what I was asked and still blocked from going forward on finishing my return.

What am I doing wrong and how to fix. I have gone back in and reviewed payers info and all looks ok and is in the return. What system is asking is like there isn't any info. can I call someone to figure this out.

Re: Re:401k distributon and rollover

DoninGA — Fri, 28 Feb 2020 21:40:42 GMT

@donmads wrote:

Reviewing my return in turbo tax I keep getting asked to input city, state etc for my 401 that I entered.

I have entered just what I was asked and still blocked from going forward on finishing my return.

What am I doing wrong and how to fix. I have gone back in and reviewed payers info and all looks ok and is in the return. What system is asking is like there isn't any info. can I call someone to figure this out.

Try deleting the Form 1099-R and re-enter manually. Make sure the Address, City and State are correct for the zip code entered using this USPS website - https://tools.usps.com/go/ZipLookupAction_input

Enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

Re: 401K distribution rollover

Kurt5 — Sat, 29 Feb 2020 15:02:31 GMT

TurboTax seems to be handling everything correctly. The rollovers were from traditional 401K's to Traditional IRA's. 1099-R's were coded G. As it turns out, based on the 1095-A from the marketplace, I was actually eligible for a slightly larger aca subsidy.