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Question

If we received two 1099-R forms from different Payers, but we only took one distribution out, we should only pay taxes once, right?

Forum|Forum|2 years ago
April 15, 2024
1 reply
0 views

My wife's former employer transitioned from a profit-sharing plan to an IRA, and it looks like Turbo Tax thinks we should pay taxes for the transition, as well as for the distribution we took. That's not right, is it?

TurboTax Deluxe Online

To clarify, one Form 1099-R was for a rollover? You will have to enter it but it won't be taxable.

If your Form 1099-R has code G in box 7 follow these steps:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Enter the information from your 1099-R
On the "Did you move this money from a 401(k) to a Roth 401(k)?" screen answer "No"
On the "Did you move the money to a Roth IRA?" screen answer "No

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