bebecook
Returning Member

consolidated retirement accounts

I consolidated retirement accounts from multiple jobs into one traditional IRA account.  Some 1099-R indicated in box 7 a G others noted a 7. Do these count as income?

MinhT1
Expert Alumni

Retirement tax questions

If the amounts reported on the forms 1099-R coded 7 in box 7 were rolled over to the Traditional IRA, you should continue with the TurboTax interview which follows the entry of the 1099-R. At the page titled What did you do with the money? Check that you moved it to another retirement account and that you rolled it over to a Traditional IRA (see screenshot).

 

The amounts rolled over will be excluded from taxation.

 

 

 

 

 

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bebecook
Returning Member

Retirement tax questions

When consolidating the retirement accounts, the 1099-R distribution code in Box 7 was G.  The interview did not ask if the money was rolled over to a traditional IRA, just a Roth. Will the money be treated as income?

JulieS
Expert Alumni

Retirement tax questions

No, code G indicates a direct rollover, that is a rollover where the funds go from one bank to the other without a check being issued to you. The amount will appear on line 4a, but will not be added into your taxable income. 

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Retirement tax questions

Or if it was from 401K accounts it will be on 1040 line 4c and say ROLLOVER by 4d.

 

The 1099R with Code 7.  Did you get a check and deposit it in the new IRA Account within 60 days?  Was there any taxes or withholding taken out?