I have several 1099 r's to file. some have 7 in distribution box, others have G in distribution box and one has 7M in distribution box. Why is turbo tax adding all of them as income.?The total for my 1099r's is twice what it should be, but I have only entered them once. These are distributed by Bank of America for John Hancock and then rolled over from Bank of America to TIAA-CREF. Each company issued 1099R's
All of the 1099-R distributions are considered income. However, when you go through the follow-up question after entering each of the forms, you will be able to indicate that you rolled the money over to a different qualified account. When you do this, TurboTax will remove amounts rolled over or otherwise non-taxable from the taxable income line - so you are not taxed on those amounts. Code G indicates a direct rollover, so those automatically get removed from taxable income. For the forms with code 7 and 7m, you will need to complete the follow-up questions to indicate what you did with the money and provide the necessary details to remove the income from taxable income. There are multiple follow-up screens for each form.
All of the 1099-R distributions are considered income. However, when you go through the follow-up question after entering each of the forms, you will be able to indicate that you rolled the money over to a different qualified account. When you do this, TurboTax will remove amounts rolled over or otherwise non-taxable from the taxable income line - so you are not taxed on those amounts. Code G indicates a direct rollover, so those automatically get removed from taxable income. For the forms with code 7 and 7m, you will need to complete the follow-up questions to indicate what you did with the money and provide the necessary details to remove the income from taxable income. There are multiple follow-up screens for each form.