I got a 1099R for a rollover from an IRA to a 403b IRA. Therefore I paid no tax on it. I plugged it into TurboTax with the 1099R, do I need to say where it went?

Forum|Forum|4 years ago
February 2, 2022
2 replies
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I just wanted to clarify because it doesn't ask anywhere in Turbotax where my rollover actually ended up. Does IRS just assume that because the "Federal Income Tax Withheld" box on the 1099R is blank that it must have gone to another IRA?

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shbqqa

Level 3

Specifically, I transferred from a 401k at my old company to a 403b at my new company. Sorry if my terminology is not all accurate!

RaifH

Level 10

No, you do not need to say where it went if the rollover was a direct rollover, which means your 401(k) sent the money directly to your 403(b) rather than sending you a check which you sent to your new retirement account. This should be indicated by the code in Box 7 of your 1099-R, which should be a G for this transaction. The TurboTax software will recognize this code as a rollover and therefore will not tax you on the distribution. d