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Why is my 401k rollover to simple ira counting as income?

Forum|Forum|4 years ago
February 22, 2022
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TurboTax Premier Online

Best answer by pzaldana

Code G is for direct rollover. You don't need to enter anything else. Double check 1040 line 4a and 4b. As I said above.....

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

Thank you, you were right!!

VolvoGirl

Employee

To a Traditional IRA account or a ROTH?

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.

If you rolled it over it should say Rollover to the left of the taxable amount on 4b or 5b.

P

pzaldanaAuthor

Traditional IRA. My code in #7 is G for rollover. The questions I get is if I moved to a Roth IRA and I say no, next is For rollovers to other types of retirement accounts (such as a traditional IRA), just answer No. Then no more questions and money shows as income.

T

ThomasM125

You need to answer "yes" that you did make a rollover to other types of retirement accounts, because a transfer to a Simple IRA counts as such a rollover.

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