topic Rollover IRA in Retirement tax questions

Rollover IRA

kdnofsinger — Mon, 26 Apr 2021 18:31:58 GMT

My mom rolled over an IRA in 2020. We withdrew the money from the bank, and moved the entire amount to Fidelity within 2 weeks. (She moved to another state, and the bank was local with no affiliations in her new home state.) Her 1099-R from the bank lists the withdrawn money as a distribution. We have not yet gotten anything tax forms from Fidelity - I understand Fidelity will not mail those until sometime in May. How do I keep Mom from paying tax on the entire withdrawal amount shown on the bank 1099-R? It makes a significant difference in how much she appears to owe the IRS! Thank you so much!

Re: Rollover IRA

VolvoGirl — Mon, 26 Apr 2021 18:36:26 GMT

You enter the 1099R as normal. The same way as if it was income. Then it will ask what you did with it. Say you rolled it over.

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

If you are filing a Joint return be sure to pick which person it is for.

Re: Rollover IRA

kdnofsinger — Mon, 26 Apr 2021 18:37:49 GMT

Thank you so much!