1099Rs for money that was rolled over...

My wife and I received two MASSIVE 1099Rs that reflected the removal of large sums (over 1/2 million) from 401Ks and 403Bs.

These monies were immediately rolled into other IRA accounts (within days - for consolidation purposes)… but we received these huge 1099Rs that were presumably sent to the IRS.

When TT asked about 1099Rs, we did not enter these as they really weren't withdrawals to be taxed (though the 1099Rs list these as "gross distributions"). I presume I don't have to enter these 1099Rs... but if so, how does TT know that they were official roll-overs?

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you do have to enter them into TT as it was reported to the IRS by the Trustee.

 

the code in Box 7 tells TT how to treat them ;  by chance does Box 7 = G and Box 2a = 0? 

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Wow... I'll have to add them. So, I looked in Box #7 in those 1099Rs and they have a "G." I just looked that up and it means "100% roll-over."

SO GLAD I ASKED!!!

Thanks so much!!!!!!!!!!!!!

- Mark