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401K to Traditional IRA rollover

Forum|Forum|5 years ago
March 20, 2021
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I rolled my 401K over to a traditional IRA and received a 1099-R. Do I need to include the gross distribution as income even though I didn't withdraw anything? The 1099-R is showing the amount I rolled over in the Gross Distribution and shows 0 in the taxable amount and 0 in the federal income tax withheld.

Best answer by DanaB27

Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income.

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R”
Answer all follow-up questions carefully.

You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).

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DanaB27Answer

Yes, you will have to enter the 1099-R into TurboTax but a rollover won't be included in your taxable income.

Login to your TurboTax Account
Click on the Search box on the top and type “1099-R”
Click on “Jump to 1099-R”
Answer all follow-up questions carefully.

You can verify your entry by looking at line 5b (taxable amount) it should be $0 ( if this was your only distribution).

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H

Hap4Author

Thank you so much for your reply. I was concerned when I saw what it put in for my income as that was money that was not received, therefore in my head should not be considered income yet. I appreciate your response!