Rollover from tax sheltered annuity to traditional IRA

kevin-rafferty — Mon, 03 Jun 2019 20:37:15 GMT

Box 2 of my 1099-R has "0" for taxable income and code G in box 7. Yet the amount has been added to my total income on turbo tax causing me to owe the IRS. I thought since the money was reinvested it did not count as income. Please advise.

It will show as income on the summary screen which shows...

macuser_22 — Mon, 03 Jun 2019 20:37:17 GMT

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b. In the case of a rollover, that amount will be zero.

lines 11a/b and 12a/b if 1040A form

topic Rollover from tax sheltered annuity to traditional IRA in Retirement tax questions

Rollover from tax sheltered annuity to traditional IRA

It will show as income on the summary screen which shows...