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Returning Member
posted Jan 29, 2021 8:41:54 AM

1099-R

I had two Traditional IRA CD's mature on the same date at the same bank. The one I cashed in ($7,270.43) and had $1,454.09 withheld for Federal taxes. For the second one, I took the distribution ($56,759.85) and then rolled it over to another Traditional IRA CD at a different bank. So, I get the 1099-R from the bank for the two Traditional IRA CD's that matured and it added both of them together for a total of $64,030.28 and it also showed the $1,454.09 withheld for the Federal taxes for the $7,270.43 CD. The 1099-R has $64,030.00 in box 2a (taxable amount) and box 2b checked (taxable amount not determined). 

Then I received a 1099-R from the bank with the new Traditional IRA CD ($56,759.85) describing it as a rollover. 

How do I enter the 1099-R information so i do not pay tax on the $56,759.85 that was rolled over?

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1 Replies
Expert Alumni
Jan 30, 2021 11:23:55 AM

Please follow these steps to enter a 1099-R rollover:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R”
  4. Continue through questions until "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  5. Continue answering the questions.

You can verify your entry by looking at your Form 1040 line 4:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left