topic 1099-R in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/1099-r/01/1113208#M85949 <P>I received a 1099-R for a pension account that I rolled over to an IRA rollover account. No taxes were withheld. Only box 1 had a number. Box 7 had code G (direct IRA rollover). There were no TurboTax questions on this item about an IRA rollover. It just ask a question about rollover to a Roth IRA. When my gross income is calculated, it adds this amount to the total gross which is incorrect. It does not seem to indicate I owe taxes on the amount (does not change my taxes owed/refund). Is this OK?</P> Sat, 08 Feb 2020 17:13:07 GMT JohnR6 2020-02-08T17:13:07Z 1099-R https://ttlc.intuit.com/community/retirement/discussion/1099-r/01/1113208#M85949 <P>I received a 1099-R for a pension account that I rolled over to an IRA rollover account. No taxes were withheld. Only box 1 had a number. Box 7 had code G (direct IRA rollover). There were no TurboTax questions on this item about an IRA rollover. It just ask a question about rollover to a Roth IRA. When my gross income is calculated, it adds this amount to the total gross which is incorrect. It does not seem to indicate I owe taxes on the amount (does not change my taxes owed/refund). Is this OK?</P> Sat, 08 Feb 2020 17:13:07 GMT https://ttlc.intuit.com/community/retirement/discussion/1099-r/01/1113208#M85949 JohnR6 2020-02-08T17:13:07Z Re: 1099-R https://ttlc.intuit.com/community/retirement/discussion/re-1099-r/01/1113447#M85960 <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><STRONG>Yes, it is okay.&nbsp; So what happens is this:</STRONG></P> <P>&nbsp;</P> <P>Once you enter the code G direct rollover, the program recognizes it as a rollover nontaxable event.&nbsp; The total amount of the rollover should be reported on your Form 1040 line&nbsp;4a, as a nontaxable amount.&nbsp; Since this is a nontaxable amount, it shows zero amount or nothing on line 4b as the taxable number.&nbsp; You do not pay any taxes on it.&nbsp;&nbsp;</P> Sat, 08 Feb 2020 17:46:32 GMT https://ttlc.intuit.com/community/retirement/discussion/re-1099-r/01/1113447#M85960 LinaJ2020 2020-02-08T17:46:32Z Re: 1099-R https://ttlc.intuit.com/community/retirement/discussion/re-1099-r/01/1113524#M85963 <P>A code G is automatically a rollover to a Traditional IRA unless yiu indicate that it was rolled into&nbsp; Roth.&nbsp; If you answer no to the two Roth questions then the default *is* a Traditional IRA so there is no need to ask any additional questions.</P> Sat, 08 Feb 2020 17:57:05 GMT https://ttlc.intuit.com/community/retirement/discussion/re-1099-r/01/1113524#M85963 macuser_22 2020-02-08T17:57:05Z
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<title>topic 1099-R in Retirement tax questions</title>
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<P>I received a 1099-R for a pension account that I rolled over to an IRA rollover account. No taxes were withheld. Only box 1 had a number. Box 7 had code G (direct IRA rollover). There were no TurboTax questions on this item about an IRA rollover. It just ask a question about rollover to a Roth IRA. When my gross income is calculated, it adds this amount to the total gross which is incorrect. It does not seem to indicate I owe taxes on the amount (does not change my taxes owed/refund). Is this OK?</P>
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https://ttlc.intuit.com/community/retirement/discussion/1099-r/01/1113208#M85949
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<P>I received a 1099-R for a pension account that I rolled over to an IRA rollover account. No taxes were withheld. Only box 1 had a number. Box 7 had code G (direct IRA rollover). There were no TurboTax questions on this item about an IRA rollover. It just ask a question about rollover to a Roth IRA. When my gross income is calculated, it adds this amount to the total gross which is incorrect. It does not seem to indicate I owe taxes on the amount (does not change my taxes owed/refund). Is this OK?</P>
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<P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><STRONG>Yes, it is okay.&nbsp; So what happens is this:</STRONG></P> <P>&nbsp;</P> <P>Once you enter the code G direct rollover, the program recognizes it as a rollover nontaxable event.&nbsp; The total amount of the rollover should be reported on your Form 1040 line&nbsp;4a, as a nontaxable amount.&nbsp; Since this is a nontaxable amount, it shows zero amount or nothing on line 4b as the taxable number.&nbsp; You do not pay any taxes on it.&nbsp;&nbsp;</P>
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<pubDate>Sat, 08 Feb 2020 17:46:32 GMT</pubDate>
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<dc:date>2020-02-08T17:46:32Z</dc:date>
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<title>Re: 1099-R</title>
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https://ttlc.intuit.com/community/retirement/discussion/re-1099-r/01/1113524#M85963
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<P>A code G is automatically a rollover to a Traditional IRA unless yiu indicate that it was rolled into&nbsp; Roth.&nbsp; If you answer no to the two Roth questions then the default *is* a Traditional IRA so there is no need to ask any additional questions.</P>
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