I received 3 1099-R from my bank, I entered all three at first, then I saw that it is adding all Gross Dist amounts, making it $74,406.94 which is not at all what I got from my 401K account.
One 1099-R is the total of my 401K rollover 37,724.84. (code in box 7 "G") The other two seem to be the distributions. (code in box 7 "1" ) $769.89 which I took cash up front and paid taxes on. The other one is $35,912.21 which does not add up to the total amount.
My total 401K was 38,494.73, I took $769.89 cash, I rolled $25,000.00 to a IRA, and put $12,724.84 into an IRA money market so I had access to withdraw from.
I think I'm supposed to only enter the 1099-R's $769.89 & $35,912.21 but they only add up to $36,682.10 would that be correct?
Thank you for your time and help!
In part, you are correct. However, the total on Line 4a of Form 1040 is going to be the total of all Forms 1099-R. Only the taxable portion will be carried to Line 4b.
For more explanation about the distribution codes, see the following excerpt or click on the link for 2019 IRS Publication 590-B Distributions from Individual Retirement Arrangements (IRAs), and scroll to page 19.
Hi KathrynG3, Thank you for your reply.
The 1099-R for $37,714.84 does not have an amount in box 2a, and the box 7 (Dist Code) is G, so that would not be counted is what your saying. So am I supposed to enter it anyway?
My issue with entering all three forms is that is shows... Total withdrawals as $74,406.94, but I only got $37,724.84
Thank you again for your time and help!!!
It sounds as if the rollover was reported properly on Form 1099-R. Were you prompted to answer questions about your direct rollover? You should have been prompted to answer questions related to your rollover. Although code g was reported in box 7 of Form 1099-R you must continue through the program and answer the related questions.
You can view your form 1040 by following the directions below in TurboTax Online:
View only your 1040 form by selecting Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.
If you are using TurboTax for Windows then follow the directions in this TurboTax FAQ instead.
If you do not see the $37,724.84 listed on line 4b of Form 1040 then you may have not made it to the qualifying questions.