turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 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.

schoeny12
New Member

I entered my 401k rollover as income and should not have. It was electronically transfered in to my Roth IRA. How do I correct 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
DawnC
Employee Tax Expert

I entered my 401k rollover as income and should not have. It was electronically transfered in to my Roth IRA. How do I correct this?

It does get entered under Retirement Income.  Where do I enter a 1099-R?    However, if it was a direct rollover (code G in Box 7), it will not show up as taxable on your actual tax return.   There are follow up questions you have to answer after you enter the form, but rest assured, TurboTax can handle reporting your rollover correctly.    Check your Form 1040 once you are ready to file and verify it is on Line 5a and not 5b.  

**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

I entered my 401k rollover as income and should not have. It was electronically transfered in to my Roth IRA. How do I correct this?

It's not clear what you think needs to be corrected.  Any distribution from a 401(k) is considered to be income reportable of Form 1099-R  What you did with funds determines whether it's taxable or nontaxable income.  If you rolled pre-tax funds from a traditional 401(k) account to a Roth IRA, that would be taxable income.  If done by direct rollover, it would be reported on Form 1099-R with code G in box 7, the gross amount in box 1, the taxable amount in box 2a and the nontaxable amount, if any, in box 5.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question