topic Re: Rollover in Retirement tax questions

Rollover

Don in Florida — Wed, 19 Feb 2025 20:24:55 GMT

My wife rolled over a large sum from her Thrift Savings Plan account to a Classic IRA, but I can't find where to account for that. TurboTax says that we owe tax on it because it is a distribution. The TSP form identifies it as a rollover.

Re: Rollover

MinhT1 — Wed, 19 Feb 2025 20:28:56 GMT

When entering your form 1099-R, you have to follow the TurboTax interview and indicate that it is a rollover to a Traditional IRA.

In TurboTax Online, enter your form 1099-R by following these steps:

Open your tax return
Click on Federal in the left-hand column, then on Wages & Income
Navigate to the list of income categories
Locate the section Retirement Plans and Social Security and click on the arrow on the right
Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
Enter your form 1099-R and follow the interview
When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)

Re: Rollover

dmertz — Wed, 19 Feb 2025 22:14:03 GMT

For a distribution from the TSP made in 2024, the TSP is required to issue to your wife a 2024 Form 1099-R reporting the distribution, which you indicate that your wife received. This Form 1099-R must be entered into TurboTax as MinhT1 described.

Re: Rollover

user17710989220 — Sat, 14 Feb 2026 20:31:32 GMT

That question is not shown

Re: Rollover

user17710989220 — Sat, 14 Feb 2026 20:33:11 GMT

The question is for rollovers to other types of retirement accounts such as traditional Ira just answer no.