Pension rollover

mmdy — Mon, 17 Feb 2020 23:25:50 GMT

Similar to many, I had a pension that was two tiered: the company pension that was directly rolled over to rollover IRA and a voluntary pension that I contributed to with after tax money that I rolled over to Roth IRA. I received 1099-R and I entered in TurboTax. Later, I came across retirement contributions section in TurboTax. If I enter my amount rolled over to Rollover IRA, I am penalized for amount exceeding 7000$. When I enter Roth IRA amount that I transfered from my voluntary pension, I was penalized because my income is high. Can you please help? Thanks in advance.

Re: Pension rollover

dmertz — Mon, 17 Feb 2020 23:35:30 GMT

None of this is to be entered under Deductions & Credits, go back and remove it from there.

For a split rollover, you must split the single code G Form 1099-R that you received into two and enter each separately into TurboTax, one for the portion rolled over to the traditional IRA and another for the after-tax portion (box 5 amount) rolled over to the Roth IRA. The dollar amounts in the boxes of the two Forms 1099-R must sum to the amount in the corresponding box of the original.

topic Re: Pension rollover in Retirement tax questions

Pension rollover

Re: Pension rollover