A 1099-R with a code G and zero taxable amount will have no affect on your tax return.
You might get an IRS letter from the IRS since the IRS will want to know that you did not simply cash the check and not roll it over. You can either amend and add the 1099-R or wait for the letter and send them an explanation with a copy of the 1099-R and the 5498 form that you will receive from the bank that holds the IRA that shows the same amount was deposited to your IRA as a rollover or a copy of a bank statement that shows the same thing.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
