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Level 2
posted Mar 21, 2022 1:43:06 PM

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?

0 2 694
2 Replies
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.

Level 2
Mar 22, 2022 9:49:19 AM

Thank You!