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June 6, 2019
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Issues with IRA contributions. A roll over is being reported as a distribution. Not sure how to put this into the software. The contribution amount is too high.

  • June 6, 2019
  • 1 reply
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Best answer by VolvoGirl
You do not enter it into the Deductions & Credits section as a contribution.  Only enter it in the income section.

The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.

Enter a 1099R under
Federal Taxes Tab
Wages & Income
Choose Explore on my own (if it comes up),

Then scroll way down to Retirement Plans and Social Security,
Then IRA, 401(k), Pension Plans (1099R) - click Start or Update

If you are filing a Joint return be sure to pick which person it is for.

If box 2a is zero or says unknown then leave it BLANK

After you enter the 1099R be sure to answer all the follow up questions on the next screens to determine how much is taxable or not. Go all the way to the end of the section. You have to enter it from the 1099R because there are codes on it you need to enter properly.

Even though the rollover shows up on the income summary or review screens check the actual 1040 return.  It should say Rollover by line 15b and not be included in any taxable amount on the "b" Line.  Unless you rolled it over to a ROTH IRA or didn't roll over the whole amount including any withholding.

It shouldn't affect your contribution amounts.

1 reply

VolvoGirl
VolvoGirlAnswer
Employee
June 6, 2019
You do not enter it into the Deductions & Credits section as a contribution.  Only enter it in the income section.

The easiest way to get to the 1099-R entry screen is to simply search for 1099-R (upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.

Enter a 1099R under
Federal Taxes Tab
Wages & Income
Choose Explore on my own (if it comes up),

Then scroll way down to Retirement Plans and Social Security,
Then IRA, 401(k), Pension Plans (1099R) - click Start or Update

If you are filing a Joint return be sure to pick which person it is for.

If box 2a is zero or says unknown then leave it BLANK

After you enter the 1099R be sure to answer all the follow up questions on the next screens to determine how much is taxable or not. Go all the way to the end of the section. You have to enter it from the 1099R because there are codes on it you need to enter properly.

Even though the rollover shows up on the income summary or review screens check the actual 1040 return.  It should say Rollover by line 15b and not be included in any taxable amount on the "b" Line.  Unless you rolled it over to a ROTH IRA or didn't roll over the whole amount including any withholding.

It shouldn't affect your contribution amounts.