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Llm85
New Member

1099-r Incorrect?

I did a direct rollover from a pension to a Roth IRA and requested taxes withheld. My 1099-r shows the same amount in box 1 and 2a and code G, but nothing in box 4 for taxes withheld. Is this correct? Should i have received two forms or should box 4 show the amount that was withheld?

2 Replies
rjs
Level 15
Level 15

1099-r Incorrect?

Was the tax actually withheld as you requested? Check the transaction records of the Roth IRA account. What amount came out of the pension plan, and what amount was put into the Roth IRA? If the amount that was put into the Roth IRA is the same as the amount that came from the pension plan, then no tax was withheld (in spite of your instructions).

 

1099-r Incorrect?

If you rolled from a ROTH 401K to a ROTH then the code G on the 1099-R was correct because you moved the money from one like kind account to another like kind account which is tax free and no withholdings would be required.

 

However if you CONVERTED  it from a 401K  to a ROTH  it was a taxable event but it is not usual to have any withholdings so that you have the max amount converted.   If this is what happened then the code in box 7 of the 1099-R  should have probably been a 2 or a  7.   

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