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Retirement tax questions
No, code G is only for a direct rollover to or from a qualified retirement plan, not for a trustee-to-trustee transfer to move an IRA. If a Form 1099-R is issued for an IRA trustee-to-trustee transfer, it is issued in error and a request should be made for a corrected code G Form 1099-R showing that no distribution took place.
(Some people mistakenly believe that their qualified retirement plan is an IRA when it's not. The assumption here is that this is indeed a trustee-to-trustee transfer to move an IRA. If the original account was in a qualified retirement plan and the code G Form 1099-R is correct, yes, it must be entered.)
(Some people mistakenly believe that their qualified retirement plan is an IRA when it's not. The assumption here is that this is indeed a trustee-to-trustee transfer to move an IRA. If the original account was in a qualified retirement plan and the code G Form 1099-R is correct, yes, it must be entered.)
May 31, 2019
11:44 PM