IRA rollover

Forum|Forum|1 year ago
February 23, 2025
2 replies
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I rolled over my qualified 401K to a traditional IRA. I received the 1099-R where I took the distribution. There is no where on Turbo tax that asks if I rolled it over. It is now counting the distribution as income? Where do I enter I rolled it over?

VolvoGirl

Employee

What code is in box 7 on the 1099R? 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 and make sure it’s right. For 1099R check 1040 line 4a/5a and 4b/5b for any taxable amount. If it was a rollover it should say ROLLOVER by the “b” line and 0 taxable.

Ram0810

1099-R box code is G and everything shows as stated here on 1040 lines 5a&b. However, Schedule 2, line 8 also reports Additional tax on IRAs. Shouldn't this be zero? Why is the rollover being treated as a taxable distribution?

VolvoGirl

Employee

@Ram0810 Is line 5b 0 and Rollover written by it? Or do you have a taxable amount in 5b? Did they take any withholding out of it? Is Sch 2 line 8 10% of it for the 10% Early Withdrawal Penalty? I would delete the 1099R and enter it again Manually (especially if you imported it). You must have answered a question wrong or skipped one.

Or did you enter the amount in Deductions as a new IRA contribution? Don't enter it there. Only enter it from the 1099R nowhere else.

dmertz

Employee

For a code-G From 1099-R, answering No to both questions that ask if the distribution was rolled over to some kind of Roth account, TurboTax will automatically report the rollover as being to a traditional retirement account.