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February 25, 2025
Question

I did a rollover from a 403B plan into an IRA (in the 60 day window). Entered under the 1099-R income section, TurboTax considers it income but its not. Please help?

  • February 25, 2025
  • 1 reply
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This was a tax free rollover, not a taxable event. Please help.

    1 reply

    February 25, 2025

    You have to indicate in TurboTax that the money was rolled over to an IRA, so it is not taxable.

     

    In TurboTax Online, enter your form 1099-R by following these steps:

    1. Open your tax return
    2. Click on Federal in the left-hand column, then on Wages & Income
    3. Navigate to the list of income categories
    4. Locate the section Retirement Plans and Social Security and click on the arrow on the right
    5. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
    6. Enter your form 1099-R and follow the interview
    7. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
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