How to file your taxes with TurboTax?

In this video, I cover how to enter Form 1099-R which shows a direct rollover of a 401(k) plan balance into a Traditional IRA. This often happens when an employee leaves their employer for a new position and needs to transfer their previous 401(k) balance.

The transfer from a traditional 401(k) to a Traditional IRA is generally a tax-free exchange; however, it still needs to be reported on Form 1040.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.

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TurboTax is a widely popular software used for filing taxes in the United States. With its user-friendly interface and comprehensive features, TurboTax simplifies the process of preparing and filing tax returns. One essential aspect of tax filing is accurately recording any rollovers from a 401(k) account to a Traditional IRA, and TurboTax 2022 Form 1040 makes this task a breeze.

A 401(k) rollover to a Traditional IRA involves moving funds from your employer-sponsored retirement plan (the 401(k)) to an Individual retirement account (IRA). This transfer is a non-taxable event when done correctly and helps individuals take control of their retirement savings. TurboTax’s step-by-step guide ensures that you correctly report this rollover on your tax return.

To record a 401(k) rollover to a Traditional IRA using TurboTax, follow these simple steps:

1. Start by opening TurboTax 2022 and creating a new tax return or opening an existing one.
2. Navigate to the section that corresponds to your traditional IRA under the “Federal Taxes” tab.
3. Select “Deductions and Credits” and then click “I’ll choose what I work on.”
4. Scroll down to the “Retirement Plans and Social Security” section and click “Explore.”
5. Choose “Summary of Your Retirement Plans” and then select “IRA, 401(k), Pension Plan Withdrawals (1099-R)”.
6. Indicate that you have a distribution by clicking “Yes.”
7. On the following screen, TurboTax will ask if you have a Form 1099-R for the distribution. If you have received a Form 1099-R, select “Yes” and enter the necessary information.

If you did not receive a Form 1099-R for the rollover, there are two options you can choose based on your specific situation:

Option 1: If you converted the 401(k) funds to a Traditional IRA and did not receive a distribution check, select “No” on the 1099-R screen and indicate that the distribution was directly rolled over to another retirement account.

Option 2: If you received a distribution check and then rolled it over to your Traditional IRA, select “Yes” on the 1099-R screen. TurboTax will guide you through entering the appropriate information, such as the distribution amount, the rollover amount, and the institution details.

By carefully following these steps, you can accurately record your 401(k) rollover to a Traditional IRA. TurboTax helps ensure that you correctly report this transaction on your tax return, reducing the risk of errors or potential audits.

Additionally, TurboTax offers various resources to help you understand the implications of a 401(k) rollover and any tax implications associated with it. You can access helpful articles, guidance notes, and even reach out to TurboTax’s customer support for further assistance.

In conclusion, TurboTax 2022 Form 1040 makes recording a 401(k) rollover to a Traditional IRA an effortless process. Through its intuitive interface and step-by-step guidance, TurboTax streamlines the tax filing process and reduces the chances of errors. So, whether you’re a first-time user or a seasoned taxpayer, TurboTax is your go-to software for accurately reporting your financial transactions and maximizing your tax savings.