Thank you for your reply. Yes - I was in the Forms mode for the 1040 and that's where I tried to edit - but i could not type in the amount in 4b into 4a. I did note the word "rollover" as an explanation in the separate page that opened up but that word did not replicate onto the 1040 line 4. Why didn't TurboTax automatically identify this is 4a item - was there a question in the prompts that would have covered this? Thanks again.
If your Form 1099-R has a distribution code of G, this is a Rollover and not taxable. It should have an amount in Line 4a and nothing in Line 4b.
For more information:
If this is related to the CARES Act, see: IRS announces rollover relief for required minimum distributions from retirement accounts that were ...
Yes. If the full amount was rolled over then you can use code G and it should supersede code 4. There is no need to request a corrected Form 1099-R.
If the only code on the form is code 4, you can enter the full amount as a rollover when the question comes up. Either way, you will achieve the correct results for your tax return.
The following information is provided for you convenience about an inherited IRA from a deceased spouse.
Inherited from spouse. If a traditional IRA is inherited from a spouse, the surviving spouse generally has the following three choices:
- Treat it as his or her own IRA by designating himself or herself as the account owner.
- Treat it as his or her own by rolling it over into a traditional IRA, or to the extent it is taxable, into a:
a. Qualified employer plan,
b. Qualified employee annuity plan (section 403(a) plan),
c. Tax-sheltered annuity plan (section 403(b) plan),
d. Deferred compensation plan of a state or local government (section 457(b) plan), or
3. Treat himself or herself as the beneficiary rather than treating the IRA as his or her own.
If a surviving spouse receives a distribution from his or her deceased spouse's IRA, it can be rolled over into an IRA of the surviving spouse within the 60-day time limit, as long as the distribution is not a required distribution, even if the surviving spouse is not the sole beneficiary of his or her deceased spouse's IRA.