topic That's not happening. in Retirement tax questions

1099r rollover being added as “income” but not taxable. In my tt it is showing as taxable. It’s not Roth 401k or 403b which are options to make it non taxable.

freas68 — Mon, 03 Jun 2019 17:19:20 GMT

Just make sure that you are letting the TurboTax system k...

DS30 — Mon, 03 Jun 2019 17:19:21 GMT

Just make sure that you are letting the TurboTax system know that your Form 1099-R distribution is a rollover. (If the code in box 7 is "G", this indicates a direct rollover and you will not need to do anything else related to the entry. Just do a "preview my 1040" as noted below and you will see "ROLLOVER" on page 1 of your 1040 and no amount ($0) showing on line 15 or 16 (b).)

Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)

To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.

Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).

To preview your Form 1040:

TurboTax Online sign-in, click Here
Select "Take me to my Return"
Go to "Tax Tools" (on the side bar) then "Tools"
Under the Tools Center, select "view tax summary"
Select "Preview my 1040"

If you are still having issues, you may want to delete the Form 1099-R and re-enter the information.

Like some other folks said, I was not promoted for the “w...

freas68 — Mon, 03 Jun 2019 17:19:22 GMT

Like some other folks said, I was not promoted for the “what did you do with the money” question.

what is the code listed on your Form 1099-R box 7?

DS30 — Mon, 03 Jun 2019 17:19:23 GMT

what is the code listed on your Form 1099-R box 7?

Since the coding is for a direct rollover, you will not h...

DS30 — Mon, 03 Jun 2019 17:19:26 GMT

Since the coding is for a direct rollover, you will not have to enter any additional information. Just do a preview of your 1040 as noted in my answer and you should see that the amount is listed on line 15/16 (a) but no amount is list on line 15/16(b) and underneath should say "ROLLOVER"

That's not happening.

freas68 — Mon, 03 Jun 2019 17:19:27 GMT

That's not happening.

The only way to get that to happen is by checking the box...

freas68 — Mon, 03 Jun 2019 17:19:28 GMT

The only way to get that to happen is by checking the box for "Yes, this money rolled over to a designated Roth 401(k) or 403(b) account."

That puts the word rollover on 16b, but that statement is...

freas68 — Mon, 03 Jun 2019 17:19:29 GMT

That puts the word rollover on 16b, but that statement is not accurate in my case, but is the only way to make the form record correctly.

Answer NO to the two Roth questions and you are done. A...

macuser_22 — Mon, 03 Jun 2019 17:19:30 GMT

Answer NO to the two Roth questions and you are done. A Traditional IRA is the default.

If you are previewing the 1040 form and it is not on line 16a with the word ROLLOVER next to it, the delete the 1099-R and re-enter it. Enter the code G in box 7 and be sure that the IRA/SEP/SIMPLE box next to box 7 is NOT checked.

It WILL show as income on the summary because it IS income - just not taxable income.

Re-entering was the key. Thank you

freas68 — Mon, 03 Jun 2019 17:19:31 GMT

Re-entering was the key. Thank you