Skip to main content
March 9, 2022
Question

My 1099-R distribution for education

  • March 9, 2022
  • 1 reply
  • 0 views

My 1099-R had a Total Gross Distribution of $37,162.19. I rolled back 18K within 60 days to the same account of the first distribution which absolved of a penalty. Even though Turbo tax asked me my basis of $6000 and the rollover amount of 18K it treated it as no tax and I had to go do an override to fill out the 8606 Smart worksheets and Form 5329 to show I had a taxable income of $13,162 (form 8606) and check Box H and show amount for Higher education on Form 5329.   don't understand why I had o do an override o fill out these 2 forms.  turbo Tx should have asked me more questions and taken me to those forms.

 

    1 reply

    March 10, 2022

    The TurboTax interviews covers rollovers and exceptions for the penalty.  If you continue after the 1099-R entry (after the summary screen) the questions are there.