topic Re: 1099-r in Retirement tax questions

1099-r

dks6 — Thu, 09 Mar 2023 20:12:41 GMT

I left the post office and received a 1099-R for a thrift savings plan that I then rolled over to an ira. I took a total distribution when I bought my house to furnish it. So for the distribution I also I also received a 1099-R. This would be the same money that I rolled over. When i put the 2 1099-R's in turbo tax it adds both amounts from the 2 1099-R's as income, when I only received the money once. How do I change that?

Re: 1099-r

JohnB5677 — Thu, 09 Mar 2023 20:41:29 GMT

I think this is accurate if I understand this correctly.

You received a 1099-R for a thrift savings plan that you rolled into an IRA.
- This is not taxable.
- When you go through the questions while posting the first 1099-R there is an option
  - I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
  - This option will make the 1099-R nontaxable.

The second 1099-R is taxable because you took the money and did something other than placing it back in another retirement account.
- In the same area as above, you would select:
- I didn't rollover or convert this money.
- This will make it taxable.

Line 4a on your tax return will be double the amount you had in the account, but 4b, the taxable amount will only reflect the second 1099-R.

On the menu bar on the left that shows.
1. My Info
2. Federal
3. State
4. Review
5. File
Select Tax Tools
On the drop-down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040.

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 - Withholdings.

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

To return to the entry screens press Back on the sidebar.

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Re: 1099-r

VolvoGirl — Thu, 09 Mar 2023 20:49:21 GMT

What code is in box 7 from the thrift saving plan? 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.

If you rolled it over it should say Rollover to the left of line 5b.

For Online, You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

Re: 1099-r

dks6 — Thu, 09 Mar 2023 22:02:25 GMT

There is a G in line 7. They added in the thrift savings amount and then the withdrawal as income before they took off the standard deduction. So her total income was almost 25,000 more than it should have been since she only received 25,000.

Re: 1099-r

dks6 — Thu, 09 Mar 2023 23:11:28 GMT

I was never given the option for a conversion or rollover, all it ask was about a traditional Roth IRA. I did see that I wasn't taxed on the first one, but they took out the standard deduction from the income total with the amount included. I thought that the standard deduction should have come out after the first amount was taken out. Just another way for them to get more taxes.

Re: 1099-r

ThomasM125 — Sun, 12 Mar 2023 12:22:00 GMT

There isn't a standared deduction associated with a retirement plan distribution. Your standard deduction is one amount that applies to all of your income.

I suggest you delete the entry for the rollover and re-enter it, as it doesn't seem you are seeing the correct screens in TurboTax. Based on the code in box 7, it should not show as taxable on your return. You will see a screen that says Rollover of 401(k) to Roth 401(k), you need to answer No on that screen, as you didn't transfer the funds to a ROTH IRA. There is another screen that asks if you transferred the funds to a ROTH IRA, you need to answer no there as well.

Re: 1099-r

Critter-3 — Sun, 12 Mar 2023 13:05:58 GMT

I have a feeling that you are only looking at the summary screen (which can be confusing) and not the actual tax return. The summary screen will show ALL distributions which will reflect both distributions combined BUT if you look on the tax return you will see the taxable amount of line 5a on line 5b.

You can peek at only the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2021 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.