Why is my rollover IRA being included in taxable income. I input Box 2a as 0

Forum|Forum|1 year ago
March 9, 2025
1 reply
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I need to input rollover IRA. Where do I do that

TurboTax Deluxe Online

MinhT1

You have to indicate in the interview following the input of your form 1099-R that the distribution is a rollover to a traditional IRA.

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)

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GI_Joe0602

I followed your instructions, but never get to the page Tell us if you moved the money through a rollover or conversion. After entering my 1099-R, the next page asks if this 1099-R is for a contribution that my employer made to a Roth SIMPLE or a Roth SEP account. I enter NO. The next page asks about RMDs. I enter my RMDs. The next page asks how much of this distribution applied to my Dec 31st 2024 RMD. I check the button for The Entire distribution applies. The next screen asks if I transferred to charity, I said NONE. Then it takes me to the summary page for 1099-Rs. I click Continue. Next screen asks if I took disaster distributions. I select NO. The next screen asks about nondeductible contributions. I say NO I did not make and track nondeductible contributions to my IRA. The next screen asks if I missed a Required Distribution from any Retirement Accounts. I select None of these plans failed to withdraw the RMD. Then it goes into the questions about Social Security. There is no place to enter my IRA rollover contributions.

DanaB27

You cannot rollover your RMD. If all of your distribution was an RMD then you cannot make a rollover. You made a new contribution to the IRA and might have an excess contribution. If you do then you will need to request to remove the excess plus earnings by the due date (including extensions). The earnings will be taxable in the year the contribution was made.

If you took more than your RMD then you can rollover the excess only. Please select "Some of this distribution…" instead of "The entire distribution applied…" for the second RMD screen. Enter the RMD amount. If you have an excess amount left to rollover you will see the rollover questions MinhT1 mentioned.

@GI_Joe0602

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