RaifH
Expert Alumni

Retirement tax questions

Yes, the 1099-R that you received does need to be reported on your tax return. If it has a Distribution Code of "G" in Box 7, then that indicates it was rolled over into another retirement account and it would not be taxable. 

 

Even if it has a different distribution code, you can still tell TurboTax that the entire amount was rolled over and therefore not taxable. After entering the 1099-R, you should be asked Tell us if you moved the money through a rollover or conversion select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days).

 

Unfortunately, any fees the retirement accounts charge you for account maintenance and other miscellaneous charges are not deductible on your federal tax return.