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Retirement rollover to IRA

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J

JoBarry

Guest
What is the name of your state? Arizona

After leaving employment w/company my mother rolled over her retirement contributions (approx 30k) into an IRA. She received a 1099-r and in box #7 the code is "G" indicating it was a direct rollover. When doing Turbotax it showed her getting back approximately $1000 until she entered the 1099-r info.....after that information was input is showed that she now owed $600. Does this sound right? I thought the whole point of rolling over retirement into an IRA was so you didn't get penalized (in my case I cashed mine out and now wish I hadn't). I would appreciate any advice/explanation on this... Thanks! Joanna.
 


abezon

Senior Member
You are correct; turbo tax is wrong. You'll just have to fiddle with the program until you get it to say the right thing. Good luck!
 
J

JoBarry

Guest
Abezon - YOU are correct.....turbotax was wrong (after playing around w/it she got it to come out right). Thanks!
 

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