Retirement tax questions

The form you received should be reported on your tax return and it should be a tax free rollover.  The code in Box 7 is the key, as well as answering the questions correctly about the rollover. You should see 'Code G' in that box and you need to use that code on your tax return when you complete the Form 1099-R.  

• What do all the codes in Box 7 mean on my 1099-R?

Unless you have taken any distribution in 2021, from the Charles Schwab account, then you should not receive a Form 1099-R from them.

It sounds like you did a direct transfer from one account to the other without it coming into your hands.  This action will report the income but will also show as nontaxable.

1. Type 1099-r in the search box and click search.
2. Click on Jump to 1099-r.
3. At the choose your bank or brokerage screen, click on I'll type it in myself.
4. Enter your 1099-R form exactly as shown. If the form has Box 7 with code G, Rollover, TurboTax will automatically enter it as a Rollover on your income tax form.
5. If your form does not have Box 7 with code G, Rollover, on the What Did You Do With The Money From This Payer? 
6. Continue to answer the questions.  See the images below for assistance when code G is present.
7. The final image can be seen when you 'Preview My 1040'