Rollover IRA

Forum|Forum|4 years ago
February 2, 2022
1 reply
10 views

Im retired now and am receiving monthly payments from an old employer 401k that i rolled over to an annuity, I also have a 41k from my last employer that i rolled over but am not taking any money out and when i enter the info its totaling the money i receive monthly and the money i rolled over. I dont believe the roll over 401k money should be added to the 1099-R form as income but it is.

1099

Best answer by DawnC

I didnt take the money it was directly rolled over to Etrade. box 7 has a G in it. I nust be doing something wrong because it did not ask me about a qualified plan or move to another retirement plan.

If it has a code G, it is already classified as a direct rollover. You won't get any rollover questions about a 1099-R with a code G. TurboTax is not applying any tax to the 1099-R with code G. Look at your Form 1040. Look on Line 5a and b. The amount of your 1099-R with the G code in Box 7 will not show as taxable. Click on Forms in the upper right hand corner and then locate Form 1040 from the list on the left to review it.

What do all the codes in Box 7 of the 1099-R mean?

LeonardS

Level 14

You should receive 2 1099-R's. One will be to report the rollover distribution, the second will be for the distributions you took as monthly payments.

You will enter each 1099-R separately. The 1099-R for the rollover will not be added to the monthly payments you received.

Follow these steps to enter your 1099-R:

Open (continue) your return if you don't already have it open
Search for 1099-R and select the Jump to link in the search results
Answer Yes on the Did you get a 1099-R? screen
- If you land on the Review your 1099-R info screen instead, select Add Another 1099-R
Answer any questions until you get to the import screen. You'll be prompted to enter your financial institution account info and TurboTax will directly import your forms
- If you prefer to type it in yourself, select Change how I enter my form and continue.

This link Where do I enter my 1099-R? has information you may find helpful.

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jimandtoniAuthor

Level 2

I did receive 2 1099Rs one from venerable annuity that i receive the monthly payments from and one from vanguard that I rolled the 104k out of. I rolled over the 104k from vanguard to Etrade so should I get another 1099R from Etrade showing it was a direct rollover?