tcerny51
Level 3
03-17-2021
12:36 PM
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My client (61 years old) took a distribution from his 401K under the CARES Act. He deposited the proceeds into an IRA immediately. He received a 1099-R, showing this distribution as fully taxable. How do I show that funds went into an IRA, so he's not taxed on this distribution.
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LG-CPA
Level 4
03-17-2021
12:41 PM
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On the 1099-R input form, scroll down to page 2 - to the section called Rollovers, Roth Conversions, Roth Rollovers, and Recharacterizations. Put a check in the box B1 - Entire distribution rolled over.
qbteachmt
Level 15
03-17-2021
01:07 PM
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Was there withholding? Did he send the gross to the Traditional IRA account?
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