topic How do I show 1099-R distribution as a rollover into new account in Retirement tax questions

How do I show 1099-R distribution as a rollover into new account

marily01n — Sat, 04 Apr 2020 18:54:05 GMT

Box 7 distribution code was 6, and box 5 was $40,000.00

Re: How do I show 1099-R distribution as a rollover into new account

DanaB27 — Sat, 04 Apr 2020 19:19:38 GMT

The code in box 7 indicates already that is was put into a new account, you do not have to do anything else.

Code 6 is a "Section 1035 tax-free exchange." Section 1035 is a financial transaction in which a life insurance or annuity policy is replaced for a new one without any taxable event. It means replacing one annuity contract for another annuity contract with identical annuitants.

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4d (taxable amount), it should be $0

To preview Form 1040:

Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left

Re: How do I show 1099-R distribution as a rollover into new account

Pacpam — Thu, 11 Mar 2021 21:06:26 GMT

I have a 1099 R with 6 marked in box 7...1035 rollover, but it is still being added to my income, even on final page of 1040?

Re: How do I show 1099-R distribution as a rollover into new account

Pacpam — Thu, 11 Mar 2021 21:08:50 GMT

I don't have a 4d on my 1040?

Re: How do I show 1099-R distribution as a rollover into new account

Pacpam — Thu, 11 Mar 2021 21:11:43 GMT

I think I found it....tools is on top on my screen and no 4d, but 4 b clarifies this.