IRA Rollover Income

[Godschildnow]

My 1099-R Shows both a distribution amount and a rollover amount. Your solution was to divide the 2 amounts and treat each as a separate 1099-R.  The rollover amount keeps showing up as income and is creating a 3,887 increase in income. If I leave the line item at zero as far as income distribution it kicks it back as an error. I need a walk through on how to correct this. If I fill it in it shows as corrected, but I am paying tax on it.

[Irene2805]

To indicate that part of the distribution was a rollover, please follow these steps:

1. Go to the 1099-R input screen and click Continue
2. A few screens after the 1099-R input screen, you should see a screen, What did you do with the Money from XX?
3. Mark the radio button that you moved the money to another retirement account . . .  [See Screenshot below.]
4. In the next section, mark the radio button next to did a combination of rolling over, converting, or cashing out the money.
5. In the next section, indicate how much of the contribution was moved to an IRA, 401k or other retirement account.

The screens in TurboTax may differ, depending on the information previously entered.  If the above information does not answer your question, please respond with the following information:

1. How does the 1099-R show that the distribution was partially rolled over?
2. What codes show in Box 7?
3. Was the distribution from a pension plan or an IRA?  If an IRA, is it traditional or Roth?
4. Was the rollover to another pension plan or an IRA

[macuser_22]

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@Godschildnow wrote:

My 1099-R Shows both a distribution amount and a rollover amount. Your solution was to divide the 2 amounts and treat each as a separate 1099-R.  The rollover amount keeps showing up as income and is creating a 3,887 increase in income. If I leave the line item at zero as far as income distribution it kicks it back as an error. I need a walk through on how to correct this. If I fill it in it shows as corrected, but I am paying tax on it.

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If you  rolled over part and kept part then it is reported on a SINGLE 1099-R - not two.

Delete what you entered and re-enter the original 1099-R.    Say you "moved" the money and did a combination  of things,  enter the rollover amount in the top box.     The 1099-R box 1 amount  should be on  the 1040 line 4a (if an IRA) and the amount not rolled over on 4b with ROLLOVER next to ti,