topic Re: rollovers in Retirement tax questions

rollovers

Bonus2020 — Wed, 03 Feb 2021 22:26:54 GMT

When my job was cut I rolled my 401K into a regular IRA. I got a 1099R showing the total distribution with no taxable amount in 2a, nor was any tax with held. where do i show that those dollars were rolled into an IRA if I try to say it was a deposit into an IRA it says to much

Re: rollovers

VolvoGirl — Wed, 03 Feb 2021 22:29:44 GMT

No do not enter it as a new IRA contribution. Just enter the 1099R. After you enter it then it will ask you what you did with it. What code is in box 7? If it is a G that means direct rollover and that's all you need to tell it.

Re: rollovers

dmertz — Wed, 03 Feb 2021 22:59:19 GMT

Assuming that this Form 1099-R has code G in box 7, the payer should have put a zero in box 2a instead of leaving box 2a blank. A blank box 2a implies that the payer does not know the correct taxable amount, which is untrue in this case since the taxable amount is known to b zero. (Some payers incorrectly think that a blank box 2a means the same as a zero in box 2a.) To get proper tax treatment in TurboTax, you'll likely need to enter a zero in box 2a of TurboTax's 1099-R form.