Code G indicates that this is a direct rollover so you need to report it on your tax return but it will not be included in your taxable income. ("ROLLOVER" will appear on your tax return under the amount.)
Because you received
a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on
your tax return but none of it will be taxable. If you are asked questions in TurboTax about this 1099-R distribution after you have entered it, then just make sure that when
you are reporting this information into TurboTax that for the question
"What Did You Do With The Money From (your retirement fund)?", answer
"I moved the money to another retirement account (or returned it to the
same retirement account)" (see screenshot)
To enter 1099-R
information in TurboTax, log into your tax return (for TurboTax Online sign-in,
click Here and click on "Take
me to my return") type "1099r"
in the search bar then select "jump to
1099r". TurboTax will guide you in entering this information.
Please
note that all distributions will be reported on your tax
return (whether or not they are taxable) on Form 1040 on line 15(a) (or
16(a)) but only the taxable portion will show on your return as taxable
on line 15(b) (or 16(b)).
To
preview your Form 1040:
- TurboTax
Online sign-in, click Here
- Select "Take me
to my Return"
- Go to "Tax
Tools" (on the side bar) then "Tools"
- Under the Tools
Center, select "view tax summary"
- Select "Preview
my 1040"
