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March 28, 2024
Solved

401 rollover to ira

  • March 28, 2024
  • 2 replies
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Rolled over a 401 to an ira. On form 1099 r box 2a states taxable income is 0.00

Box 7 distribution code is G. This entry remains as income in turbo tax and causing 

an increase in income and taxes.  It was not rolled over to a Roth IRA.  How can this entry 

be removed from total income.

 

patrick coughlin

    Best answer by VolvoGirl

    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 1040 line 5b.  It should be zero with the word Rollover by it.

    2 replies

    DoninGA
    Employee
    March 28, 2024

    Look at your federal tax return, Form 1040 Line 5b.  There should be the word ROLLOVER entered and an amount of 0 entered on Line 5b indicating there was no taxable income entered on your return for this rollover.

    VolvoGirl
    VolvoGirlAnswer
    Employee
    March 28, 2024

    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 1040 line 5b.  It should be zero with the word Rollover by it.

    pmc5Author
    March 28, 2024

    Checked line 5b and there is an amount showing there

    pmc5

    VolvoGirl
    Employee
    March 28, 2024

    Delete the 1099R and try entering it again manually.