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Old 03-28-2010, 07:03 PM
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1099-R Taxable Income

I rolled over a distribution from a 401-K to an IRA. On my 1099-R the distribution amount shows as taxable income. Is it really taxable if I rolled it over to a new IRA? Should I override the taxable amount to show zero in my tax software?

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Old 03-29-2010, 12:25 PM
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Yes, you can show that the IRA rollover from your 401k is not taxable as I am assuming that you accomplished the rollover through the Direct Rollover method. In this instance, the funds were never actually transferred to your bank account first, and then transferred to the IRA. Thus, your entire IRA rollover is not taxable for the tax year 2009!

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