Hi! Thank you for the information! I’ve already received the 1099 R from my old IRA provider. Do you mean that I need to reach out to them after I do the IRA rollover and they will issue another corrected 1099R to show it’s a rollover rather than an withdrawal, so that I don’t get taxed on the full amount of this “withdrawal/rollover”?
If the funds were not transferred directly between IRA custodian's without ever having been paid to you personally, the From 1099-R is correct. Enter the Form 1099-R as received, indicate that you moved the money to another retirement account, then indicate the amount rolled over. TurboTax will exclude from your taxable income the amount rolled over.
If the funds were not transferred directly between IRA custodian's without ever having been paid to you personally, the From 1099-R is correct. Enter the Form 1099-R as received, indicate that you moved the money to another retirement account, then indicate the amount rolled over. TurboTax will exclude from your taxable income the amount rolled over.
See his prior post. He hasn't put the withdrawal into the new IRA yet.