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Wible
Returning Member

QLAC being taxed and Rollover to Roth double taxed

I put $200,000 into a QLAC this year. I also rolled over $45,000 from my 403b to my Roth IRA. I received a 1099-R showing the a gross distribution of $245,000 (Box 1) and a taxable distribution of $45,000 (Box 2).  I filled out the 1099-R form in Turbotax, but when I look at the 1040 tax form it shows $245,000 on line 5a Pension & Annuities and then on line 5b shows $290,000 as my taxable amount.  It appears it instead of subtracting the $200,000 that is not taxable they added $45,000.  I don't think I am doing anything wrong.  It is a Turbotax error?

Note I am to young for RMD to come into play.

Joe

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