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Celery28
Level 2

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

I have 4 different 403b Accounts, 2 each from two different colleges.  After learning I did not need take out my full RMD in 2020, I also learned I could return some payments, not including the January payments (I don't recall why I couldn't return the January payment, it may have been a timing issue).  However, one pair of accounts would not accept returned payments, but the other pair did.  I returned 3 months worth of net, after tax payments to one account, returned total withdrawal payments -- but the tax had been withheld --to another account and the net payments from one account that would not accept returns to one of the other accounts that would accept rollover contributions.  This sounds a bit complex, and it probably is. The one main account with the two sub-accounts that accepted the returned withdrawals, lists them all as rollovers in one report I get, but these are not indicated in any way that I can see on the 1099Rs.  When I enter the 1099R data into TurboTax Deluxe, it gives me two choices about moving money to a retirement account: (1) I rolled over all of this money or (2) Rolled over part of this money to another account.  Neither of these holds exactly, since in at least one case, I rolled over some of the money into the same account, but in another I did rollover some of the money to a different account.  I'm totally confused about how to deal these rollovers!! :(

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Accepted Solutions
dmertz
Level 15

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

It doesn't matter what account received the rollover.  TurboTax is simply asking how much was rolled over, either all or less than all.  Even though TurboTax refers to the rollover being to "another account," that actually means to "another account or back to the same account."

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DanaB27
Employee Tax Expert

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

As long as you rolled over all the money from the 1099-R into a same kind of account and did not keep any money from the distribution to spend on something else then you can select "rolled over all of this money". You had only 403b accounts, therefore these count as the same kind of account.

 

If you spend some money from the 1099-R or did a conversion to a Roth account and rolled some money in the same kind of account then you would select "Rolled over part of this money to another account"

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5 Replies
dmertz
Level 15

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

It doesn't matter what account received the rollover.  TurboTax is simply asking how much was rolled over, either all or less than all.  Even though TurboTax refers to the rollover being to "another account," that actually means to "another account or back to the same account."

View solution in original post

DanaB27
Employee Tax Expert

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

As long as you rolled over all the money from the 1099-R into a same kind of account and did not keep any money from the distribution to spend on something else then you can select "rolled over all of this money". You had only 403b accounts, therefore these count as the same kind of account.

 

If you spend some money from the 1099-R or did a conversion to a Roth account and rolled some money in the same kind of account then you would select "Rolled over part of this money to another account"

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Celery28
Level 2

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

Thank you.  I followed through the steps and it worked.  Now I have to see what  TurboTax does with rollover information.

Celery28
Level 2

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

Thank you.  I just followed all the steps and it worked fine.  Now I have to see what TurboTax does with the information.

ColeenD3
Employee Tax Expert

Rollovers not reported on 1099Rs -- how to deal with in Turbotax for my 1040 return?

This is the screen shot you should have seen for the rollover:

 

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