topic Distribution/withdraw in Retirement tax questions

Distribution/withdraw

deebill99 — Sun, 04 Apr 2021 15:47:06 GMT

I need serious help! I received 3 separate 1099R's for 2020, 2 of them where from my ex-employer showing when I retired that I had a distribution rollover (code G- I retired at the age of 52). Then later in 2020 do to reason beyond my control do to the COVID situation I ended up having to withdraw this rollover money which is the third 1099R I received with a code (1). In turbo tax it is calculating these 1099R totals as three different retirement incomes. How do I show that the withdraw is the same money that the distribution was? Because, right now on the Retirement Income Result page it is showing that (ex: $51,468 out of $118,135 is taxable on withdraw) and out of the rollover (ex: $10,168 out of $ 110, 423 is taxable) when I took the withdraw I'm claiming the COVID relief shouldn't the first $100,000 be exempt from the 10% early withdraw penalty and then the other tax be spread out over the next three years? I really think I need to show that the distribution and withdraw are the same money not separate entities. Also, when I first rolled that money into this account I made a lump sum catch up after tax deposit of $7,000 that I need to claim where do I put this amount in at? It is also show our total combined gross income as (ex: $253,000) when it should be (ex: $253,000) because it thinks those accounts are two separate entities.

Re: Distribution/withdraw

VolvoGirl — Sun, 04 Apr 2021 16:00:15 GMT

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Check 1040 lines 4 & 5 line b for the right taxable amount. Code G is not taxable it will say ROLLOVER by line b.

Re: Distribution/withdraw

fanfare — Mon, 05 Apr 2021 01:52:40 GMT

enter the rollovers first.

you have to tell TurboTax you rolled it all over even though everybody knows G means Rollover.

Then enter the code 1 distribution.

It will ask you if it is COVID related.

spreading over three years is the default but you don't have to do that.