Drake Tax - 1040: 1099-R ROLLOVER Literal
Article #: 10177
Last Updated: October 18, 2024
Go to the 1099 screen for that distribution. Under the heading Rollover Information make one of these tax exclusion adjustments -
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If the amount of the rollover is the entire taxable amount entered in field 2a Taxable amount (or line 1 if 2a is blank), select from the drop list for the field Exclude from income - rolled over into another qualified plan one of these adjustments:
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X - Rolled over into another plan
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S - Rolled over into the same type of account
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If the amount of the rollover is less than the taxable amount entered in field 2a Taxable amount (or line 1 if 2a is blank), enter the amount in the field Partial rollover amount.
Note These rollover adjustments reduce the taxable amount you’ve already entered on screen 1099 (usually the amount in field 2a or line 1 if 2a is blank). Don’t enter a taxable amount with the rollover subtracted on line 2a and also exclude it again with one of these rollover adjustments, or the results will be incorrect.
View Form 1040 and look for the literal ROLLOVER next to the Pensions and Annuities line.
Caution X - Rolled over into another plan does not generate the literal unless a partial rollover amount is entered.
For more information about rollovers, see the Form 1099-R Instructions and Drake Tax - 1099-R: Taxable Amount FAQs.