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buffalomike
Level 1

401K distribution rollover

Why is a 401K distribution shown on a 1099-R form which was rolled over into another IRA shown as income? It's shown as non-taxable, box 2a, and box 7 is marked "G".

6 Replies
MinhT1
Expert Alumni

401K distribution rollover

After you enter your form 1099-R, continue the interview to indicate (or confirm) that this is a rollover. TurboTax will exclude it from taxation.

 

On the income summary, you will see the distribution in Gross Income, but not taxable income.

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Kurt5
Level 2

401K distribution rollover

What will these calculations showing rollovers as Gross Income do to calculations for ACA subsidies? When estimating my income for ACA subsidies I certainly was not taking into account rollovers from one retirement account to another retirement account.

DaveF1006
Expert Alumni

401K distribution rollover

 it depends on the rollover. According to this Turbo Tax link,  your original retirement account was funded with pre-tax dollars, and you rolled  it into a Roth IRA, then the income would be includable income in determining ACA subsidies.

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donmads
Returning Member

401K distribution rollover

Reviewing my return in turbo tax I keep getting asked to input city, state etc for my 401 that I entered.

I have entered just what I was asked and still blocked from going forward on finishing my return.

What am I doing wrong and how to fix.  I have gone back in and reviewed payers info and all looks ok and is in the return.  What system is asking is like there isn't any info.  can I call someone to figure this out.

DoninGA
Level 15

401K distribution rollover


@donmads wrote:

Reviewing my return in turbo tax I keep getting asked to input city, state etc for my 401 that I entered.

I have entered just what I was asked and still blocked from going forward on finishing my return.

What am I doing wrong and how to fix.  I have gone back in and reviewed payers info and all looks ok and is in the return.  What system is asking is like there isn't any info.  can I call someone to figure this out.


Try deleting the Form 1099-R and re-enter manually.  Make sure the Address, City and State are correct for the zip code entered using this USPS website - https://tools.usps.com/go/ZipLookupAction_input

 

Enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

Kurt5
Level 2

401K distribution rollover

TurboTax seems to be handling everything correctly. The rollovers were from traditional 401K's to Traditional IRA's. 1099-R's were coded G. As it turns out, based on the 1095-A from the marketplace, I was actually eligible for a slightly larger aca subsidy.

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