topic Re: Retirement rollover in Retirement tax questions

Retirement rollover

amberkh13 — Sat, 17 Apr 2021 17:00:50 GMT

Why is my retirement rollover showing up as income? I made sure the boxes all match what the 1099-r says but turbotax is calculating it as income anyways.

Re: Retirement rollover

DanaB27 — Sun, 18 Apr 2021 15:06:54 GMT

Please check Form 1040 line 4b (for IRA) or 5b (for pension and annuities) for the taxable amount. The TurboTax summary shows gross income, not taxable income.

Please make sure you answer all follow-up questions after you enter your 1099-R to indicate it was a rollover if the code in box 7 don't indicate it was a direct rollover:

Login to your TurboTax Account
Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R

Re: Retirement rollover

amberkh13 — Sun, 18 Apr 2021 14:38:43 GMT

There is no 4b box/option on turbo tax, or on the 1099 R

It should not show up as income as it was just a roll over. I need it to not show up as income as it will be used against me in the divorce case.

Re: Retirement rollover

DoninGA — Sun, 18 Apr 2021 14:50:43 GMT

@amberkh13 wrote:

There is no 4b box/option on turbo tax, or on the 1099 R

It should not show up as income as it was just a roll over. I need it to not show up as income as it will be used against me in the divorce case.

If the distribution was from an IRA and it was a rollover then on the Form 1040 Line 4a the distribution amount will be entered. Below that amount the word ROLLOVER will be entered and on Line 4b there will be a 0.

Look at your tax return.

Using the TurboTax online editions -

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Using the TurboTax desktop editions -

Click on Forms. When in Forms mode open the Form 1040 listed on the left side of the screen.