topic Re: ira rollover in Retirement tax questions

ira rollover

garyTal — Thu, 21 Jan 2021 19:10:12 GMT

in; 2020 I entered my 1099R info and a few screens later entered the Amount $ rolled over but TT did not reduce my gross amount by the roll over amount which it should. Is the program in error?

Thanks,

GaryTal

Re: ira rollover

Paul68 — Wed, 27 Jan 2021 01:09:43 GMT

Same thing has happened to me. There must be an error in the software.

Re: ira rollover

macuser_22 — Wed, 27 Jan 2021 01:13:18 GMT

@Paul68 wrote:

Same thing has happened to me. There must be an error in the software.

There is no software error. What are you looking at? The rollover is reported on the 1040 form line 4b (if an IRA) or 5b (if other than IRA) with the word ROLLOVER next to it.

Re: ira rollover

Paul68 — Wed, 27 Jan 2021 19:40:56 GMT

It sure looks like a software error to me. Here's what i entered:

After entering the 1099-R info, including the amount in box 1 and 2a, I then entered a no on the screen asking if it was inherited, then I skipped the screen asking if it was an RMD (not applicable this year), then I answered no on the screen asking if any of it was transferred to charity, then on the next sreen I indicated that the money was transferred to another retirement account and I also indicated that all of the money was rolled over.

That's what was entered. Next I went to the print center to review the results and the amount shows up on BOTH line 4a and 4b and is included in taxable income. There is no "ROLLOVER" printed next to it.

By the way, I had a second 1099-R that was given to a charity (QCD) and it was handled correctly, i.e. reported on line 4a and not shown on line 4b and next to it is written QCD.

So, it sure looks like a software problem to me. If you think I entered something incorrectly, I would be thrilled to change my opinion.

Paul, retired CPA

Re: ira rollover

Critter-3 — Wed, 27 Jan 2021 20:04:19 GMT

Did you say you skipped the rmd question? If so please go back to that screen and answer no to the rmd question. That should correct your issue.

Re: ira rollover

dmertz — Wed, 27 Jan 2021 20:25:48 GMT

It might be necessary to delete and reenter the Form 1099-R rather than just editing the existing 1099-R entry to get TurboTax to respond properly to answering that none of the distribution was RMD.

Re: ira rollover

garyTal — Wed, 27 Jan 2021 20:43:16 GMT

i discovered i had skipped over the RMD question (thinking not important for 2020). when i answered RMD question and hit continue, the calculation worked. I am new to this community and not sure how to convey to

all about the solution.

Thanks,

Re: ira rollover

Paul68 — Thu, 28 Jan 2021 00:17:20 GMT

I answered RMD questions, but that did not help. So, as @dmertz suggested, I deleted the 1099-R completely and re-entered and what do you know, it worked.!!!

Thanks to those who helped.

Paul, Retired CPA

Re: ira rollover

macuser_22 — Thu, 28 Jan 2021 03:07:05 GMT

Yes. Simply repeating the interview and changing the answer will not correct it since the original answer is remembered. The entire 1099-R must be deleted and re-entered.