BY REPORTING MY ROLLOVER FROM A 401K TO AN IRA THEN A DISTRIBUTION FROM THAT IRA, TURBOTAX IS ADDING BOTH TOGETEHER AN OVERSTATING MY INCOME

theleaseman13 — Thu, 06 Jun 2019 09:03:14 GMT

I entered the information re the rollover of my 401K into a traditional IRA which is reported on line 4a. I then entered a distribution from that IRA which shows up on line 4b. When TurboTax calculates my total earnings for the year it is adding both together and overstating my income for the year? Why?...Should I not report the rollover just the distribution?

You should report both the roll-over and the distribution...

MinhT — Thu, 06 Jun 2019 09:03:15 GMT

You should report both the roll-over and the distribution as you have received 2 forms 1099-R. The roll-over is not taxable. It is reported as gross distribution on line 4a of form 1040, but is excluded from the taxable amount shown on line 4b.

topic BY REPORTING MY ROLLOVER FROM A 401K TO AN IRA THEN A DISTRIBUTION FROM THAT IRA, TURBOTAX IS ADDING BOTH TOGETEHER AN OVERSTATING MY INCOME in Retirement tax questions

BY REPORTING MY ROLLOVER FROM A 401K TO AN IRA THEN A DISTRIBUTION FROM THAT IRA, TURBOTAX IS ADDING BOTH TOGETEHER AN OVERSTATING MY INCOME

You should report both the roll-over and the distribution...