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June 5, 2019
Question

I have a 1099-R form but it should not be considered taxable as it was transfer to another institution. The software should ask me if it was transferred but it doesn't.

  • June 5, 2019
  • 4 replies
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4 replies

Lisa995
Employee
June 5, 2019
Did it move bank to bank, you never even saw the money?  Or did you get a check and you went and put it in another retirement account at another bank within 60 days?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
jj5Author
June 5, 2019
The company sent a check directly to another ira company
Lisa995
Employee
June 5, 2019
Is the code in Box 7 a letter G?   If so, that means a direct rollover, and nothing will be taxable.  Please don't look at the summary, that will show all income, taxable or not.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Employee
June 5, 2019

You should re-enter your form and answer the questions that follow carefully. Once complete, continue out of the section and you'll be asked more questions that can impact the tax calculation. 

To do this, since it sounds like something may have been entered incorrectly, I recommend deleting your form and re-entering it.  To do so:

  1. Login and click Take me to my return
  2. Under 2017 Taxes on the left menu, select the Federal
  3. Select the Income tab along the top
  4. Scroll down to Retirement Plans and Social Security section
  5. Click Update or Revisit next to IRA, 401(k), Pension Plans (1099-R)
  6. You'll be at a listing of the 1099-Rs you've entered. click Delete to remove your prior entry. 
  7. Click Add Another 1099-R or begin entering your form again. 
  8. Answer the questions that follow carefully. 
  9. ***When you've finished entering your form and are back at the summary screen of Form 1099-Rs, be sure to click CONTINUE. In some cases, this is where you will be asked about information that will change your taxability.

If you did a 'backdoor Roth' (contributing to an IRA and then converting to a Roth in the same year) be sure to enter your non deductible contributions, which will offset the taxability of converting to a Roth. 

Review or enter your current year contributions under Deductions & Credits >>> Retirement and Investments >>> Traditional and Roth IRA Contributions