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February 7, 2021
Question

Rollover 401k - Income?

  • February 7, 2021
  • 1 reply
  • 0 views

I changed jobs this year and rolled over my 401k to my financial advisor.  Turbotax doesn't show that I owe any tax because it was rolled over to another account.

 

My question is that it stills shows as income.  (Nontaxable)

 

Any reason this shows as income or am I doing something wrong.  It doesn't seem correct to show any rollover amounts in the income column to me.  Even though it is non taxable.  Just want to make sure this is correct.  Thanks

    1 reply

    February 7, 2021

    Yes, it is correct. 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).

     

    To preview Form 1040:

    1. Click on "Tax Tools" in the left menu
    2. Click "Tools"
    3. Click "View Tax Summary" in the Tool Center window
    4. Click on "Preview my 1040" on the left
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