I received a 1099-R for a distribution that I didn't take. I rolled it over into an IRA. I see in another thread on a similar subject that there should be a follow-up question in TurboTax that allows me to classify that this was a rollover and therefore shouldn't affect my refund/balance owed, so thanks for that because I just clicked around and found the question that allowed me to explain it was a rollover. Does anyone know if we have to provide documentation of the rollover? Can we even do that in turbotax? I have the proof!
From what type of plan did you rollover to the IRA? What was the distribution code in box 7 of the Form 1099-R?
Thanks for responding! I just figured out how to reduce the balance owed by answering that it was entirely rolled over. It was an inherited IRA due to death.
Line 1 of your 1099-R shows the total distribution. If the company that issued the 1099-R rolled it over directly, line 2a should show -0- as the taxable amount.
If you took possession of the distributed funds and then rolled it over yourself, then line 2a will show the total distribution as taxable. As long as you rolled it over within the appropriate time frame, I would just enter -0- in the Turbo tax field that asks you to enter the amount showing on line 2a.