topic Rolling over IRA and 401K in Retirement tax questions

Rolling over IRA and 401K

Janice56 — Sat, 14 Mar 2020 23:22:19 GMT

While Using turbo tax, I reported rollovers from two previous employers 401 k accounts. I rolled them over to a traditional IRA. For some reason, it counted these rollovers as income, and this should not be correct. I didn't see any place where they let me edit this. Anyone know what's up? Thanks.

Re: Rolling over IRA and 401K

dmertz — Sun, 15 Mar 2020 01:58:19 GMT

They are classified as "income" simply to indicate that they are required to be reported on your tax return. It doesn't mean that they are taxable income that would affect your tax liability. If you entered this income correctly, they should be included by TurboTax on Form 1040 line 4c but be excluded from the taxable amount on line 4d and the word ROLLOVER will appear next to line 4d.

Re: Rolling over IRA and 401K

Janice56 — Mon, 16 Mar 2020 15:43:29 GMT

Thank you!