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
- Income
- 1099-R, RRB, SSA
- 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 should I enter for Box 2a, Taxable Amount (Form 1099-R)?
- What do the distribution codes in Box 7 of my 1099-R mean?
- How do I calculate my early withdrawal penalty?
- What are the Retirement Savings Contributions Credit (Form 8880) requirements?
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Should I use the Simplified Method Worksheet to figure my 1099-R's taxable amount?