How to record a direct rollover from a Fidelity profit sharing plan to a Fidelity rollover IRA
Following TT instructions I use Form 1099-R to show the distribution as non-taxable income. The distribution code of "G" seems to be the only indication that the funds were directly rolled over to an IRA. Is that all that I should be doing here. No need to identify the IRA where the funds were transferred to? Isn't the IRS going to question the large non-taxable jump in income?
02694
2 Replies
AmyC
Expert Alumni
Mar 21, 2022 2:44:02 PM
The code G is all you need. The IRS gets information and knows your Dec 31 balance in every account so they know where it went.