1099-R distrubution/rollover

[dmertz]

All of this was already addressed in my ‎02-06-2021 reply above.

[lb42713]

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

[SamS1]

I would recommend deleting the 1099R and starting over,  If you did a rollover, but was not trustee to trustee, in other words you received the money and then put it into an IRA, there would be withholding on the transaction.  The problem is, if you did a rollover and only included the net proceeds you received,  then you would have taxable income for the amount of the withholding since you did not rollover the entire proceeds, only the amount net of the withholding.  Check out the code in Box 7.  Is it a 1 or 7 or G?  The G code indicates a rollover but since you took the proceeds, its probably a 1 or 7.  You should have had some questions on what did you do with the money.  If you answered "Something else", then the entire amount would be taxable.  If you entered a you put it in another retirement account.  Then TurboTax assumes its a rollover or partial rollover.  After you have logged in and are in your return in TurboTax Online:

• Go to Search at the top of the screen.
• Enter Form 1099-R in the search box. 
• You will see a Jump To function that will take you to the 1099-R input screens. 
• Delete the 1099R in question by clicking on the trash can next to the form
• Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

[RhynierM1]

Are 1099-R Annuities PA taxable?

[LindaS5247]

In general in PA, retirement income is not taxable: Payments from retirement accounts like 401(k)s and IRAs are tax exempt. PA also does not tax income from pensions for residents aged 60 and over. Social Security income is not taxable: Just like with a pension, in Pennsylvania, Social Security is tax exempt.

If your Form 1099-R is from a qualified retirement plan or IRA it is not taxable in PA.

The code on Form 1099-R determines whether your 401(k) withdrawal is taxable to Pennsylvania. However, you retired after 59 ½ and your 401(k) is an eligible plan so it should be tax exempt.

Code 7 Normal Distribution. This distribution from an eligible Pennsylvania retirement plan is not taxable if you met the plan requirements (the age and/or years of service required by the plan) for retirement, and retired after meeting those requirements.

If the distribution code shows as a "1" or "2" for an early withdrawal, then the amount will transfer to the PA-40 and be included in gross income on the state return.

If your plan was not an eligible employer-sponsored retirement plan, or if you have not attained the age or years of service required under the plan to retire, you must determine the PA-taxable amount of your distribution. You must use the cost recovery method to determine this amount.