dmertz
Level 15

Get your taxes done using TurboTax

TurboTax reports a rollover when either the user indicates in follow-up questions that the distribution was rolled over or the code in box 7 of a Form 1099-R indicates a rollover (code G) to or from qualified retirement plan like a 401(k).  There is no other way to cause TurboTax to include the word ROLLOVER on your tax return.

 

The IRS will often question a code-G rollover unless a receiving IRA issues Form 5498 to report a rollover contribution or the taxpayer provides explanation for a rollover to a qualified retirement plan (since Forms 5498 are only issued by IRA custodians, not by qualified retirement plans administrators).  Some IRA custodians mistakenly use code G for a trustee-to-trustee transfer of a traditional IRA to another traditional IRA, however such trustee-to-trustee transfers are not reportable.  It's also possible for an individual to receive a check for a direct rollover payable to the individual's receiving retirement account but the individual somehow causes the rollover to not be completed.  In this case the Form 1099-R will show code G when, in fact, the individual caused the transaction to be a taxable distribution instead.