Why is 401k rollover to traditional IRA showing as income on TT

Forum|Forum|2 years ago
February 24, 2024
2 replies
0 views

No text available

Best answer by DoninGA

The Summary screen may show it as income but on your tax return it is shown as a rollover with no taxable income for the rollover.

On your Form 1040, Line 4a for the IRA the word ROLLOVER is written and on Line 4b should be a 0 for the taxable income.

Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

DoninGAAnswer

Employee

The Summary screen may show it as income but on your tax return it is shown as a rollover with no taxable income for the rollover.

On your Form 1040, Line 4a for the IRA the word ROLLOVER is written and on Line 4b should be a 0 for the taxable income.

Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

VolvoGirl

Employee

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. Check lines 4b & 5b for any taxable amounts. For a rollover line b should be zero and the word Rollover by it.

Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160