If you "roll over" an IRA, you are moving it from one company to another. You have 60 days from the time you receive the funds from one company to invest it with the other company before it becomes taxable to you.
How do I report my Rollover?
To make an entry for an IRA Rollover in our program go to:
- Federal Section
- Income - Select My Forms
- 1099-R, RRB-1099, RRB-1099-R, SSA-1099 - Distributions from pensions, annuities, retirement, IRA's, social security, etc.
- Add or Edit a 1099-R
Make your entries and mark the check box that states, "Check here if all/part of the distribution was rolled over and enter the rollover amount." You will then enter the portion of the distribution that was a rollover in the box that appears.
Additional Information:
What is Form 1099-R and how to report Box 2A
What do the codes for Box 7 mean?
Information on the Early Withdrawal Penalty