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June 6, 2019
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WHAT IF THE FORM 1099R INFO WASN'T A DISTRIBUTION BUT WAS ROLLED OVER INTO A RIA FORM 5498

  • June 6, 2019
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Best answer by Critter

When you enter the 1099-R for the "distribution" just continue thru the follow up screens to indicate the amount that was rolled. 

2 replies

Critter
CritterAnswer
Employee
June 6, 2019

When you enter the 1099-R for the "distribution" just continue thru the follow up screens to indicate the amount that was rolled. 

Employee
June 6, 2019
You will still need to report the 1099 R in your tax return even if it was issued for a rollover to another retirement account.

A retirement account that is rolled over to another retirement account is reported as income on your 1040.  However, it is not reported as taxable income.  The Turbo Tax Income summary lists it because it is carried to your tax return.

To see how this is treated on your form 1040:

Select My Account at top of screen
Select Tools
Select View my Tax Summary
Select Preview my 1040.

Scroll down to Line 16.  The distribution should be reported in box 16a but not in box 16b. Because it is not in 16b, no taxes will be calculated on it. Rollover IRAs are treated the same way, but reported on Line 15.