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March 14, 2023
Question

403 Rollover should not be taxable income.

  • March 14, 2023
  • 1 reply
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I received a 1099 for a rollover from my 403B to a IRA(not a Roth). The distribution code is G. This rollover should be non taxable but turbotax this year is showing it in my total income. Is there a bug in the program?

thanks,

 

    1 reply

    March 14, 2023

    Code G in box 7 of your form 1099-R indicates that the distribution is a direct rollover and is not taxable.

     

    TurboTax is showing the amount in income but the income non taxable.

     

    You can preview your form 1040 to check that it is non taxable. On your form 1040, the amount should be shown on line 5a, but not on line 5b.

     

    You can preview your form 1040 by following these steps:

     

    1. In TurboTax, open your return
    2. In the left-hand column, locate Tax Tools, click on the drop-down arrow then click on Tools
    3. On the Tools Center page, click on View Tax Summary
    4. In the left-hand column, click on Preview my 1040
    5. Your form 1040 will display.
    6. Scroll down to line  5a and 5b and you could check the amounts.
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