turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Deciphering Your Tax Forms on Feb 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Total Retirement Income

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?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
ThomasM125
Employee Tax Expert

Total Retirement Income

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:

 

 

  1. Choose Tax Tools from your left menu bar in TurboTax Online
  2. Choose Tools
  3. Choose View Tax Summary
  4. See the Preview my 1040 option in the left menu bar and click on it
  5. Choose the Back option in the left menu bar when you are done 
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

Total Retirement Income

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question