403(b) Rollover

Forum|Forum|3 years ago
April 10, 2023
1 reply
8 views

Taxpayer rolled over 403(b) plan to an IRA in connection with a change of jobs. Form 1099-R correctly reported the gross distribution amount and then the taxable amount as zero, and the code G for rollover.

TurboTax correctly shows the distribution on line 5a, and zero on line 5b. But, in accordance with the 1040 instructions, "rollover" is to be entered on that line (I think to the right of line 5b). But "Rollover' does not print.

Any thoughts?

TurboTax Home & Biz Windows

Best answer by DanaB27

Please review how you answered the follow-up questions. If this was a 403(b) to traditional IRA rollover then you will answer the questions like this:

On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "No"

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 5b (taxable amount), it should show $0 and state ROLLOVER next to it.

DanaB27Answer

Level 15

Please review how you answered the follow-up questions. If this was a 403(b) to traditional IRA rollover then you will answer the questions like this:

On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "No"

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superman23Author

Level 5

In reviewing the questions, I saw there was one answer that I hadn't checked properly. Although I had the right result, "Rollover" did not print before. Now it does. So, thank you!