How do I enter a 1099R, code 7, which was rolled over from a traditional IRA to another traditional IRA using 60 day rollover rule? Am using Taxwise. Do I leave taxable amount 0 for 1099? Is there a code for the 60 day rule?
tks all.
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You enter the data into the TW 1099 form exactly as it is on the original. Then you scroll down to the section in TW that says Exclusion Worksheet. You enter the amount rolled over on the first line. If you then look at lines 15a and b on the 1040 you will see the exclusion and an X in the box signifying a rollover. You will also see a red box and TW asking you to F9 to open the rollover explanation worksheet. You just enter text explaining the rollover. You can enter anything you want. I typically enter the date of distribution, the date of rollover (obviously within the 60 day period) and the name of the receiving trustee.
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