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JSkippy
Returning Member

1099-R Rollover to Roth IRA

I received a 1099-R that we immediately rolled over into an Inheritance Roth IRA, to invest and distribute over a few years instead of receiving it all at once. When inputting into TT, I filled it out as it should be per the paperwork - got someone from TT to double check as well- however, TT is claiming it as taxable income instead of a rollover account. I'm told by a financial advisor that it should not count as income until we take money out over the next few years, but I'm not sure how  to proceed on TT to input/fix that information. 

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1 Reply
ThomasM125
Expert Alumni

1099-R Rollover to Roth IRA

You will need to clarify for us what is listed on the Form 1099-R, especially the code(s) in box 7. If the funds came from a non-ROTH type of retirement account, where the contributions where put in pre-tax, then the distribution would normally be taxable if the funds were rolled over to a ROTH IRA.

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