dmertz
Level 15

Retirement tax questions


On other IRA's, I simply get a 1099 showing the amount rolled over, with a G code (direct rollover).

Code G is never to be used when funds are moved IRA-to-IRA.  Code G only applies to funds moved by direct rollover from or to a qualified retirement plan (401(k), 403(b), 457(b) or federal TSP).  A direct rollover only occurs if you never had control of the funds outside of a qualified retirement account.  If these transactions were did not involve a qualified retirement plan or you had control of the funds outside of the retirement account, the only permissible code for box 7 of the Form 1099-R is code 7.  (I assume that these are not Roth IRAs.)

 

Are these code G Forms 1099-R instead reporting rollovers from qualified retirement plans to your IRAs rather than any repayment of a distribution that was originally intended to be an RMD?