My lump sum pension rollover into traditional IRA

Forum|Forum|2 years ago
February 23, 2024
1 reply
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I retired last June and after retiring I had my small pension lump sum balance directly rolled over into my IRA.

So now I have a 1099-R which confirms my lump sum pension balance was rolled over directly into my IRA. The 1099 box 7 is correctly marked "G". But when I complete the turbotax income related "interview", answering the required questions, the lump sum pension balance is included in my "Total Income Summary" presented at the end of the 9 income related sections of the interview. It's not income, it's a direct rollover and non-taxable. I went back to the income section to confirm my answers and input.

Is this normal or a software bug? Do I need to make an edit manually by pulling up the associated IRS form turbotax will be filling out for me?

Thanks in advance for any guidance.

Best answer by VolvoGirl

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Check lines 5b for any taxable amount. For a rollover line 5b should be zero and the word Rollover by it.

Before filing you can preview the 1040 or print the whole return
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160