1099-R distrubution/rollover

Forum|Forum|5 years ago
January 30, 2021
19 replies
126 views

I received 2 different 1099-R forms from taking my IRAs out of one bank and moving them to a credit union. I entered them into TT as directed, they show as earnings when they are actually a rollover with no distrubution.

I entered code 7 in the first window and code G in the second, is this correct?

TurboTax Home & Biz Windows

Best answer by dmertz

These are "income" in the sense that they must be reported on your tax return, but TurboTax excludes the amount rolled over from the taxable amount shown on your tax return.

Critter-3

Level 15

After you enter the 1099-R forms complete the following screens in that section to indicate the amount rolled over then check the ACTUAL tax forms to see the amount rolled over ... don't stop at the summary screen which only shows the total distribution not just the taxable portion.

dmertzAnswer

Level 15

These are "income" in the sense that they must be reported on your tax return, but TurboTax excludes the amount rolled over from the taxable amount shown on your tax return.

lb42713

Level 2

what do you mean income? This is a with holding amount I sent to the I.R.S. It is AN OVER PAYMENT AND IS PART OF MY REFUND. I GET THIS MONEY BACK. IT IS NOT A ROLLOVER; HOWEVER TURBO TAX IS SAYING IT IS! I AM STUCK. HAVE NO ONE TO CALL. AND CANNOT DO MY TAX RETURN WITHOUT SOMEONE I CAN TALKTO

jdkeith4

Level 2

I have already submitted my tax return to TT electronally, since then I received a 1099R for a rollover. There is $0 tax liability. Do I needed to amend by Tax return after it is accepted by the IRS? Or wait to see how its handled by the IRS. This is the first time I have ever seen a 1099R for any of my rollovers.

dmertz

Level 15

jdkeith, depending on the nature of this rollover, the IRS might question it, but you'll want to wait for the IRS to process your filed tax return before doing anything.

What is the code in box 7 of this Form 1099-R?
Is the IRA/SEP/SIMPLE box marked?
Does box 2a contain a zero?
Is box 2b Taxable amount not determined marked?

The reason that you never received a Form 1099-R for past "rollovers" is that they were likely not distributions and rollovers at all. Trustee-to-trustee transfers of IRAs where the funds are never paid to you in between are neither a distribution nor a rollover so they are not reportable.