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I am using turbo tax to do my filing this year. i received a…

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Hello i am using...

Hello i am using turbo tax to do my filing this year. i received a check fir my pension last year and i rolled it into my

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

401 k. our income was very similar to 2016 tax year for 2017 but with the pension roll over my tax return went up 4k. it didn't look right so i am searching to make sure it is

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No pretty straight forward

Submitted: 3 months ago.Category: Tax
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3/25/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,206
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

If you received the check and then within 60 days completed the transfer to your new 401k your 1099R most likely does nto report this as a rollover.

Your rollover is reported as a distribution, even when it is rolled over into another eligible retirement account.

Report your gross distribution on line 15a of IRS Form 1040. This amount is shown in Box 1 of the 1099-R.

Report any taxable portion of your gross distribution. If the only distribution you received from the account was directly rolled over into an eligible account, write a zero on line 15b of your Form 1040.

Write “Rollover” in the space to the left of line 15b. This explains why the distribution amount shown on line 15a is more than the taxable amount shown on line 15b.

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