Rolled 401K to another 401K just a different company

Forum|Forum|1 year ago
February 7, 2025
2 replies
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and it's showing up in my Total Income field

VolvoGirl

Employee

I assume you got a 1099R for it? What code is in box 7? Where is it showing up?

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. Before filing you can preview the 1040 or print the whole return. It should be on 1040 line 5a and 0 on line 5b with the word Rollover by it.
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

DoninGA

Employee

Disregard the summary for the rollover. Look at your actual tax return Form 1040 Line 5b

The Form 1040 Line 5b should have the word ROLLOVER and the amount on Line 5b 0

You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

kw-19Author

Box 7 shows G which should be a roll over code. In turbo tax under the "Here's a Picture of Your 2024 Income it shows the roll over amount has been added to Pensions-nontaxable. So the total income shows this amount. Is that correct? I'm not being taxed on that amount.