Question

Pension Rollover to IRA

Forum|Forum|5 years ago
January 23, 2021
1 reply
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I had a company pension rollover to a personal IRA account. When I select this in Turbo tax it jacks up my amount owed even though I didn't take any distributions. But if I select that I rolled it over to a Roth IRA it does not do this. Which selection should I be using if I rolled it over to an IRA without taking distributions?

D

DanaB27

To ensure to rollover is correctly entered into TurboTax, TurboTax should ask you the following questions after you entered the 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"

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 5b (taxable amount),it should show $0 and state ROLLOVER next to it.

To preview Form 1040: