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New Member

1099 R distribution to IRA

My company terminated our pension plan. I received a lump sum fee which I rolled directly to a managed IRA.  I received a 1099R reflecting the distribution indicating a G code.  The distribution was directed to the managing company.  When entered into Turbotax it is reflected in the total income.  Is this correct?

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Level 15

1099 R distribution to IRA

It will show as income on the summary screen which shows gross income, not taxable income.

The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.

The income will be reported on line 4a (or 4c) and 4b (or 4d) on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on the 1040 line 4b (or 4d). In the case of a rollover, nothing goes on 4b (or 4d).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**