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
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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:
To review contribution entries:
The code in box t is G. Thank you for your prompt response.
Check line 4b on your 1040.
Code G will indicate that it was a rollover and therefore not taxed.
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