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Level 2
posted Mar 17, 2020 11:49:56 AM

1099 R

I received a 1099 R for my Roth IRA, however, I did not really take a distribution. I made the contribution in error. I wnated it to go into my traditional IRA so my broker just transferred the money into my tradional IRA. My broker said this is not considered a taxable event. How can I reflect this within Turbo Tax?

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1 Best answer
Intuit Alumni
Mar 17, 2020 12:09:16 PM

You will need to enter the distribution from your Roth on Form 1099R, exactly as it appears on the 1099R, as well as the contribution to your Traditional IRA.

 

TurboTax will ask in the succeeding screens, after you enter the 1099R,  what you did with the money, if you withdrew it, contributed it to another account, or did something else with it.  

 

This will record both transactions correctly in TurboTax.

 

 

1 Replies
Intuit Alumni
Mar 17, 2020 12:09:16 PM

You will need to enter the distribution from your Roth on Form 1099R, exactly as it appears on the 1099R, as well as the contribution to your Traditional IRA.

 

TurboTax will ask in the succeeding screens, after you enter the 1099R,  what you did with the money, if you withdrew it, contributed it to another account, or did something else with it.  

 

This will record both transactions correctly in TurboTax.