I had a 1099-R this year since I rolled funds from my pre-tax company ran retirement account into a personal Roth IRA. Putting the info into TurboTax, my total Retirement Income is about $16.5K, but my taxable retirement income is $33K (basically double). Why is this?
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You may have entered a Form 1099-R twice. You can look at the forms in your program by following these steps to delete a form:
1. Choose the Tax Tools option on your left menu bar
2. Choose Tools
3. Choose the Delete a form option under Other Helpful links
Also, you can take a look at your Form 1040 to see what is making up your income so you'll understand better what is being reported as follows:
Perhaps the movement of funds to the Roth IRA was accomplished in two steps, first a rollover from the employer plan to a traditional IRA followed by a Roth conversion form the traditional IRA.
If you received a Form 1099-R with code G in box 7 and a taxable amount in box 2a, this distribution was supposed to be deposited directly into the Roth IRA and this would be the only Form 1099-R that you should have received for this movement of funds. However, if the funds were instead deposited into a traditional IRA instead of being directly deposited into the Roth IRA and then you subsequently did the Roth conversion, you would receive a From 1099-R with code 2 or code 7 for the taxable Roth conversion. If this is what happened, the code-G Form 1099-R does not reflect the nontaxable rollover to the traditional IRA that actually occurred.
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