Question

1099-r

Forum|Forum|3 years ago
March 9, 2023
2 replies
0 views

I left the post office and received a 1099-R for a thrift savings plan that I then rolled over to an ira. I took a total distribution when I bought my house to furnish it. So for the distribution I also I also received a 1099-R. This would be the same money that I rolled over. When i put the 2 1099-R's in turbo tax it adds both amounts from the 2 1099-R's as income, when I only received the money once. How do I change that?

JohnB5677

I think this is accurate if I understand this correctly.

You received a 1099-R for a thrift savings plan that you rolled into an IRA.
- This is not taxable.
- When you go through the questions while posting the first 1099-R there is an option
  - I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
  - This option will make the 1099-R nontaxable.

The second 1099-R is taxable because you took the money and did something other than placing it back in another retirement account.
- In the same area as above, you would select:
- I didn't rollover or convert this money.
- This will make it taxable.

Line 4a on your tax return will be double the amount you had in the account, but 4b, the taxable amount will only reflect the second 1099-R.

On the menu bar on the left that shows.
1. My Info
2. Federal
3. State
4. Review
5. File
Select Tax Tools
On the drop-down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040.

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 - Withholdings.

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

To return to the entry screens press Back on the sidebar.

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D

dks6Author

I was never given the option for a conversion or rollover, all it ask was about a traditional Roth IRA. I did see that I wasn't taxed on the first one, but they took out the standard deduction from the income total with the amount included. I thought that the standard deduction should have come out after the first amount was taken out. Just another way for them to get more taxes.

VolvoGirl

Employee

What code is in box 7 from the thrift saving plan? 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.

If you rolled it over it should say Rollover to the left of line 5b.

For Online, 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

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dks6Author

There is a G in line 7. They added in the thrift savings amount and then the withdrawal as income before they took off the standard deduction. So her total income was almost 25,000 more than it should have been since she only received 25,000.