Hello,
My wife rolled over her 401K funds from her previous employer (401K plan) to new employer(401K plan) last year. We received 1099-R for this and the form shows taxable amount as $0. Also, box 7 has a distribution code of G. When I enter this information in my TurboTax, it adds all the funds(gross distribution) towards my 2022 AGI. Due to this, I get a message saying my income is too high to contribute towards Roth IRA for 2022. I already contributed $12,000 ($6000 each) to our Roth IRAs so I need to pay $720 penalty. In reality, my AGI for 2022 is well below Roth IRA contribution limit. Can anyone please help me understand why gross distribution in 1099-R is added towards my income?
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Check your entry, it should not be included in your adjusted gross income.
Hi MaryK4,
Thank you for your response. Appreciate it. I double checked 1099-R info that I entered in my TurboTax. Everything looks correct. I am not able to figure out why this amount is added towards AGI.
Sorry my bad. Please ignore. This rollover amount shows up under income column, however it is not counted towards my AGI. In fact our AGI from our W2s for the first time went above Roth IRA income limits. I guess good problem to have 🙂
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