Since she did not receive the money from the distribution but had the check deposited directly into an IRA, do we need to claim the amount of the distribution? My assumption is that there is no tax due until we take a distribution from her IRA after she turns 59 1/2.
You are correct that a rollover is not taxable, but you should still report the 1099-R:
Click Federal Taxes (top menu)
Click Income & Expenses (just below top menu)
Scroll down to Retirement Plans and Social Security and click Show More (if necessary)
Edit/Add the 1099-R information and pay attention to Box 7 distribution code.
Hopefully the code is G (direct rollover).
If not, you did an indirect rollover, and should take these additional steps:
At the What Did You Do with The Money screen indicate that I moved the money to an IRA or another retirement account and then select rolled over down below.
There should be no impact on your taxes in either case.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
