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Retirement tax questions
What's your coding in box 7? It should be a G to signify its a rollover. Was it a trustee to trustee rollover or did the funds come through you then into the IRA? Normally, code G is used for:
(1) Direct rollover of a distribution from and to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA;
(2) a direct payment from an IRA to an accepting employer plan;
(3) An In-Plan Roth Rollover (IRR) that is a direct rollover.
If its is coming out of a 457 plan into a traditional IRA, it would make sense the coding should be a G.
March 9, 2021
4:26 PM