My wife and I received two MASSIVE 1099Rs that reflected the removal of large sums (over 1/2 million) from 401Ks and 403Bs.
These monies were immediately rolled into other IRA accounts (within days - for consolidation purposes)… but we received these huge 1099Rs that were presumably sent to the IRS.
When TT asked about 1099Rs, we did not enter these as they really weren't withdrawals to be taxed (though the 1099Rs list these as "gross distributions"). I presume I don't have to enter these 1099Rs... but if so, how does TT know that they were official roll-overs?
Wow... I'll have to add them. So, I looked in Box #7 in those 1099Rs and they have a "G." I just looked that up and it means "100% roll-over."
SO GLAD I ASKED!!!
Thanks so much!!!!!!!!!!!!!