Rollover of the money in work 401K distributed to IRA rollover code G on 1099-R. TurboTax premium shows income not rollover status.

Should turbotax show this as income even though it was a rollover?

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. 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

For a 1099R with code G Rollover it should be on 1040 line 5a and 0 taxable on 5b with the word Rollover by 5b.

Employee

For a 1099R with code G Rollover it should be on 1040 line 5a and 0 taxable on 5b with the word Rollover by 5b.

thank you Volvo Girl, you were spot on. 🙂

A rollover of a 401(k) account to a Traditional IRA is not taxable.

You should indicate in TurboTax that the money was rolled over in the follow-up interview.

In TurboTax Online, enter your form 1099-R by following these steps:

Open your tax return
Click on Federal in the left-hand column, then on Wages & Income
Navigate to the list of income categories
Locate the section Retirement Plans and Social Security and click on the arrow on the right
Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
Enter your form 1099-R and follow the interview
When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)