I received a 1099-R for a IRA rollover and a separate 5498 IRA contribution for the same amount. I have entered the 1099-R but there were no steps a available to enter the information from the 5498?

  • won't this affect the amount of taxes I have to pay since I don't get to show that this was rolled over and not taken as income?
  • Entering the 1099-R information without showing the corresponding contribution to an IRA leaves the impression that the entire amount is income for the year - how is that corrected so the amount is not counted as income?
  • It is very simple. After you enter the 1099-R and click Continue, Turbotax asks you if you rolled over any part of the distribution, and if you answer yes, then how much did you roll over. then it asks if you rolled it over to a ROTH IRA, if you answer No, then Turbotax knows that your rolled it over to a traditional IRA or other qualified plan. The distribution amount shows on your Tax return with the word ROLLOVER next to it. That is how the IRS knows that you rolled it over. You do not enter it separately as a contribution because a rollover is not a contribution.
  • If your 1099-R has a code "G" in box 7 and you enter this into TurboTax you will not see the follow-up questions about rolling the funds over as the code G indicates this for you automatically. If you didn't direcly rollover the funds, you will do exactly as stated above to indicate that it is a rollover.
  • I closed out an annuity and received a check for the full amount. Within 60 days, I rolled the entire amount over to a Traditional IRA along with 2 direct rollovers. I received a Form 1099-R for the annuity which has a 7 in Box 7 for a Normal Distribution which was correct. When I enter this information in Turbo Tax, I do not get the rollover question so it looks like I took it as income. Is there some other way to enter that this money was rolled over? I have a Form 5498 that shows the total of all three rollovers. Thanks.
  • After I entered the 1099-R, which was reporting a trustee to trustee distribution as a beneficiary of a traditional IRA, none of which was a RMD, I clicked Continue and TurboTax DID NOT ASK ME IF THIS WAS A ROLLOVER--which it was.  TurboTax is incorrectly calculating tax on this distribution.  How do I get TurboTax to let me handle this distribution as a rollover???
  • If your code in box 7 on the 1099-R is a "G" and you entered that into TurboTax, that tells it that it was a rollover.  This is why it didn't ask, likely, because it aleady knows.  

    To check -- look at line 15 (or 16 in some cases) of your 1040. If using desktop TurboTax you can see it by clicking "form" in the upper right of TurboTax. Online click on the dollar amount that is showing as your refund in that tool in the upper left to bring up a tax summary.  Then scroll down and click on 'preview my 1040' to see the form.  You will see the amount excluded from line 15b or 16b (depending on the type of the account) and then you should see "Rollover" typed right on that line as well.
  • Can this reporting be done via the Federal Free Edition?
  • I had a code G on my 1099 which indicates a rollover, but it still shows up as part of my total income on my 1040 which affects my fafs appliction for financial aid for my kids.  Why does it still show up as income if it is rolled over?
  • It shouldn't show as taxable.  If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right.
  • It must be reported, so Turbotax shows it in the Your Income summary. But it is not shown as income on your Form 1040, and it does not affect the financial aid for your kids. It shows on your Form 1040 on either Line 15a or 16a with the word ROLLOVER next to it. And that is the extent of it. It does not show in your AGI and it does not show in your taxable income, and it does not affect FAFSA.
  • HELP!  I have a 1099R from a place that I used to work which I rolled over into an IRA account (not a Roth IRA).  So I put in the amount of the distribution, let's just say $50,000.  Later a screen asks me for the value of my Roth IRA, which I also have, which 10,000.  Turbo Tax (on form 1040) is showing income of $40,000.  I have gone through this over and over and cannot figure out how to fix it.  Please HELP!  thanks
Cancel
As Susie014 points out above, if you enter "G" in box 7, then TurboTax will ask you about the rollover.  I couldn't find another way to enter rollover information without putting a "G" in box 7.  The 1099R I got had a "4" in box 7, so I merely put the "4" in the first line and the "G" in the  second line (even though my 1099R did not have a G), then TurboTax asked me about the rollover amount, and so then the amount I rolled over was not treated as taxable income (otherwise, it would have been).
  • I finally just opened the Forms and fixed the Form 1040 line related to retirement income.  The Turbo tax interview doesn't work correctly as far as I am concerned.  I wish I had known to entering a G in the second line like Susie014.  That makes sense, but most people wouldn't think to do that because the actual 1099-R does not have a G code (even though the distributing bank did a trustee-to-trustee transfer!).
  • Then you should get a corrected 1099R.
Cancel
The 5498 is for your records only.
    Cancel
    We had a rollover.  I entered the distribution amount off the 1099-R.  It was a traditional ira.   Is that all I have to do.  We invested the distribution in an existing traditional ira.
      Cancel
      Contribute an answer

      People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

      1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
      2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
      3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
      4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
      5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.
      Cancel