1040-US: Enter distribution from an IRA that was rolled over into another IRA

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Question

I have a client who received a distribution from an IRA that was rolled over into another IRA. How do I report this?

Answer

  1. In Screen 1099R, enter the total distribution amount in the Gross distribution and Taxable amount fields.
  2. Enter the applicable distribution code in the Distribution code field, and enter X in the IRA/SEP/SIMPLE field.
  3. Enter the amount of the total distribution rolled over in the Amount of rollover field.

    UltraTax CS shows the total distribution amount on Form 1040, line 4a, and calculates the taxable amount (if any) after rollover on Form 1040, line 4b. The text "ROLLOVER" prints to the left of the line.

Related topic: Individual retirement account FAQs (1040)

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