What is a Rollover?
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.
Where do I enter my rollover IRA?
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
Enter the information reported in boxes 1, 4, and 7.
Was the rolled over amount the gross amount minus the taxes withheld? Or, did you add the taxes withheld back to the distribution and roll over the full amount?
If you rolled over the amount that was left remaining after the taxes were withheld;
- Enter Box 1 as it is on your 1099-R
- Box 2 would be the total of the taxes withheld (State and Federal Amounts)
- Enter the taxes withheld (State and Federal) into the corresponding boxes
- Check the Rollover box (middle of the screen) and enter the rollover amount (difference between Box 1 and the state and federal taxes withheld)
If you added the taxes withheld back to the distribution so as to rollover the entire amount:
- Enter the Gross Distribution in Box 1
- Enter $0 in box 2a
- Enter the withholdings into the correct sections
- Check the rollover box (middle of the screen) and enter the total amount of the distribution (Box 1)
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." When you check the box an additional box will open for you to list the rollover amount.