Question

Turbo tax is counting my rollover from 401 k as income

Forum|Forum|5 years ago
March 17, 2021
1 reply
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Turbotax is counting my rollover 401K as income. That money was not used as income in 2020.

Employee

It will show as income on the summary screen which shows gross income, not taxable income.

The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.

The income will be reported on line 4a (or 4c) and 4b (or 4d) on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on the 1040 line 4b (or 4d). In the case of a rollover, nothing goes on 4b (or 4d).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**