topic An amount was rolled over from one 401k to a new 401k with $0 taxable, so why does TurboTax insist on showing the full amount as taxable income? in Retirement tax questions

An amount was rolled over from one 401k to a new 401k with $0 taxable, so why does TurboTax insist on showing the full amount as taxable income?

jayejay48 — Wed, 05 Jun 2019 23:05:07 GMT

1099-R:

Box 1 (Gross Distribution): $62,000 Box 2a (Taxable Amount): $0 Box 2b: total Distribution is checked Box 7 (Distribution Code): G (Direct rollover of a distribution to a qualified plan

Don't judge by the income summary screen in TurboTax. In...

ThomasM — Wed, 05 Jun 2019 23:05:08 GMT

Don't judge by the income summary screen in TurboTax. Instead go straight to the tax return to verify what's being taxed.

Go up into the upper margin of the screen and click on My Account. Then select Tools from the dropdown menu. Next, select the first item in the list of Other Helpful Links, View Tax Summary. Then look above the summary page and click on Preview My 1040. That will load the 2-page tax return.

Check boxes 16a & 16b on the 1040 (12a & 12b on the 1040A). The "a" box will show the gross amount, and the "b" box will show the taxable amount (which should be blank).

If that's not the case, then let me know and we'll explore further.

I got it! The f****** gov't form requires it to be that...

jayejay48 — Wed, 05 Jun 2019 23:05:10 GMT

I got it! The f****** gov't form requires it to be that way.