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antzan70
Level 1

Pension Plan - Rollover

A company I used to work for provided me with an option to roll funds from their plan into another plan. I chose to do so because I could no longer contribute to it. Upon entering the rollover value from Form 1099-R, my taxes owed increased significantly. I believe I did something wrong but cannot determine what it was. I have a 5498 IRA Contribution form which show a rollover contribution. Where would I check to confirm I've entered the information correctly?

 

Thank you,

Anthony

3 Replies
DanaB27
Expert Alumni

Pension Plan - Rollover

Please, do not enter the rollover as a contribution, only enter the 1099-R. If the code in box 7 does not indicate that it was a rollover then you can answer in the follow-up questions that it was a rollover.  If you let us know which code you had in box 7 then we can give you more detailed help.

 

Please be aware if it was a conversion, moving money from pre-tax to after-tax account, then this conversion will be taxable.

 

Also, 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 4b (taxable amount).

 

To preview Form 1040:

  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

 

To review contribution entries:

  1. Login to your TurboTax Account 
  2. Click "Federal" from the left side of your screen
  3. Click “Deductions &Credits” on the top
  4. Scroll down to “Retirement and Investments” and click “Show more
  5. Scroll down to “Traditional and Roth IRA Contributions” and click “Start/Edit

 

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antzan70
Level 1

Pension Plan - Rollover

The code in box t is G. Thank you for your prompt response.

KrisD15
Expert Alumni

Pension Plan - Rollover

Check line 4b on your 1040.

Code G will indicate that it was a rollover and therefore not taxed. 

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