topic Re: IRA Rollover in Get your taxes done using TurboTax

IRA Rollover

djimmym — Sat, 29 Feb 2020 21:43:11 GMT

I received a 1099-R for IRA income which included a one time lump sum payment of $9k and $7k in regular monthly with draws to meet RMD requirements. The $9k was issued as a seperate check and I deposited it immediately in in another traditional IRA. The receiving IRA of the $9k noted on form 5498 as a rollover into that account. My problem is I don't know where to enter the $9k to reduce the 1099-R from $16k as income to $7k .

Re: IRA Rollover

Anonymous — Sat, 29 Feb 2020 21:53:18 GMT

if you go down to section B2 that's where you can enter the rollover amount

Re: IRA Rollover

macuser_22 — Sat, 29 Feb 2020 21:59:52 GMT

Answer the RMD question with the amount of the RMD.

Answer YES to the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved. Say that you did a "combination of things" and enter the rollover amount ($9K) in the top box - leave the bottom box blank.

Re: IRA Rollover

Hal_Al — Sat, 29 Feb 2020 22:17:32 GMT

Just follow the TT interview after entering the 1099-R. It will ask if you rolled over any of it and how much. Enter the $9K there.

Re: IRA Rollover

rjdysoncoxnet — Sat, 14 Mar 2020 18:40:20 GMT

The 1099R shows the full amount of $19,000 and I returned $12,000 within two weeks leaving a net taxable amount of $7,000. Where do I enter the $12,000 rollover on Turbo Tax.

Re: IRA Rollover

rjdysoncoxnet — Sat, 14 Mar 2020 18:43:41 GMT

It seems to only allow rollover for disaster relief which I was not in any disaster.

Re: IRA Rollover

macuser_22 — Sat, 14 Mar 2020 19:29:18 GMT

@rjdysoncoxnet wrote:

It seems to only allow rollover for disaster relief which I was not in any disaster.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved. Choose the "Combination of things" and enter the amount rolled over i to the top box. Leave the bottom box blank.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 4a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 4b.