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One 1099-R shows IRA amount is cashed (box 7) but actual amount is fully transferred/deposited to other IRA account

wc6386
Level 2

Hi, I took full amount withdraw from a Rollover IRA account (says Bank-A) and request check to payee of other Rollover IRA account (says Bank-B FBO IRA).   I thought this is a simple IRA transfer but Bank-A issues 2020 1099-R with full taxable amount in BOX 2a, check "total distribution" in BOX 2b and enter 7 in BOX-7.   On Bank-B's IRA account, it has already received check and deposited it within a week to linked IRA.  Bank-B also issues exact/correct amount received on 2020 5498 form.  How should I report this transition on 2020's Tax?  Please advise.

Thanks

 

 

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11 Replies 11
sjrcpa
Level 15

As a rollover.


ex-AllStar
wc6386
Level 2

Understand it is rollover but how can I enter this 1099-R into my 1040?   Thanks 

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sjrcpa
Level 15

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.


 


ex-AllStar
wc6386
Level 2

sjrcpa,   Thanks.  My version of Turbo Tax is "Premier" and I will follow your suggestion.

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qbteachmt
Level 15

We don't know which Software you are using; you did not post in a Software topic.

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"Level Up" is a gaming function, not a real life function.
wc6386
Level 2

qbteachmt,    Sorry, I did not mention SW version.  I am working on this in parallel with an accountant,  I have an accountant who is a junior account (a friend with less experience).  But, I have my own "Turbo Tax Premier" version  to compare with her work then she found this problem found this  issue during data entry but no solution. (I don't know the version she is using.)   😞   Instead, she asks me to find answer myself.   So far, all answers I got is "typical rollover" but my accountant doesn't know how to answer.

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qbteachmt
Level 15

We cannot help with TurboTax, TaxSlayer, TaxAct, Ramsey Tax, Drake, etc.

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Thanks.

 

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"Level Up" is a gaming function, not a real life function.
wc6386
Level 2

Thanks to all of your help.   I think my puzzle resolved and Turbo Tax Premier Tool lead me to fill Form 4852.  I love Turbo Tax 🙂

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qbteachmt
Level 15

"and Turbo Tax Premier Tool lead me to fill Form 4852. I love Turbo Tax"

Well, even though that is Wrong?

Link: https://www.irs.gov/forms-pubs/about-form-4852

Because you Have a 1099-R. You don't also enter a Substitute Form.

Use the googles. Use TT resources. Make your Friend use the professional education she/he paid for.

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-1099-r/00/26339

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-an-ira-rollover/00/26879

 

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"Level Up" is a gaming function, not a real life function.
dkh
Level 11

EHNT (that's my wrong buzzer sound)      Form 4852 is NOT correct.   So don't go all sappy happy on Turbo Tax.           

Maybe you would benefit from finding an experienced tax professional to assist you this year with your taxes.   You and your junior accountant friend will be glad you did.

qbteachmt
Level 15

"EHNT (that's my wrong buzzer sound)" <== imagines the blare

Nice.

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"Level Up" is a gaming function, not a real life function.
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