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.
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.