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Expert00
Expert00, Certified Public Accountant (CPA)
Category: Financial Software
Satisfied Customers: 8784
Experience:  CPA MBA CSEP CA CWA
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how do you show a ira rollover in Turbo Tax when you get a

Customer Question

how do you show a ira rollover in Turbo Tax when you get a 1099 from the old ira company
but the new ira company can not send you any documentation because you received the fund from the old ira company directly and purchased the new ira with your own funds within the 60 days allowed. where or how in Turbo tax do you show the new ira being funded from your own monies.
Submitted: 5 years ago.
Category: Financial Software
Expert:  Expert00 replied 5 years ago.

Expert00 :

You need to report the amount as an IRA distribution on Line 15a of your Form 1040 tax return and if you rolled over the entire amount to IRA than zero on Line 15b of your Form 1040.

Expert00 :

This would comply your reporting requirement for tax purposes.

Customer :

I understand the answer if I were to file my return with standard forms

Customer :

My question is how do you perform this task on Turbo tax

Expert00 :

Turbo tax would have an option to select that you rolled over the IRA distirbution to another IRA. You need to select this option to get this reported on the tax forms.

Customer :

I can not find anything in Turbo Tax that is an option for that.

Customer :

Also the IRS will receive a 1099 from the old ira company but they will not have anything that shows that I rolledover the same amount.

Expert00 :

I do not have access to turbo tax software so I do not know which screen will help you with resolving this issue. I will opt out so that some other expert with such info can help you.

Customer :

I appreciate your honesty about not knowing the ins and outs of Turbo Tax.

Customer :

I am not familiar with how "just answer" works but from your answer I assume that you will let someone know that I still have this problem and someone else will get back to me.

Customer :

is that correct.

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