1099-R Question - How to answer "Did you move the money to a Roth IRA?"

[bmfsfan]

Hello All,

I had a (hopefully) quick question for the community. I have several 1099-Rs to enter from nontaxable rollovers from prior employee 401(k)s. The three different codes I see on the respective forms (I have multiple 1099-Rs) in Box 7 are: 1B, G, and H. I read the explanations for these codes but it is still not clear to me how to determine if I moved the money to a Roth IRA or not.

TurboTax asks this question as the last prompt when entering a 1099-R but I'm not sure how to determine the answer to this question for each rollover - shouldn't the code in Box 7 already dictate the answer to this? If not, do I need to contact the financial institution that executed the rollover to confirm as I can't recall where each rollover went specifically?

Hoping I've asked a silly question that is easy to answer. Thanks in advance for your time!

[fanfare]

talk to the custodian about your receiving account(s) if you are not sure what type of account you have.

@bmfsfan 

[bmfsfan]

Thanks for the response - I know the types of accounts I have. I just can’t remember where each specific rollover was allocated given it was a larger consolidation.

[fanfare]

as far as IRS is concerned you have one Traditional IRA or Roth IRA, so it doesn't matter which account(s) got the funds.

the amount deposited should be on your last statement or last online transaction list.

@bmfsfan 

[bmfsfan]

Can you explain what you meant by your first statement?

Re: second point - I had reinvested into multiple funds so difficult to conclude from statements alone

[fanfare]

your one IRA is the aggregate net value of all such IRA accounts, combined.

See form 8606 for your prior years basis in Traditional IRA, if you have a basis.

@bmfsfan 

[dmertz]

As fanfare said, your traditional and Roth IRA transaction histories will show which amount went to which type of account.

1.  The code-H Form 1099-R represents an amount distributed from a designated Roth account in a 401(k)  and was required to be deposited into a Roth IRA.

2. The code-1B Form 1099-R represents an amount distributed from a designated Roth account in a 401(k).  Since you said that everything distributed was rolled over, you would need to indicate that you moved this money to another retirement account and that you rolled over this distribution.  This rollover was required to be to a Roth IRA.  If any amount was withheld for taxes, shown in box 4 or box 12, you needed to substitute other funds to complete the rollover of the entire gross amount of the distribution.

3.  The code-G Form 1099-R represents a distribution from a traditional 401(k) account.  If the code-G Form 1099-R has zero or blank boxes 2a and 5, and does not have box 2b taxable amount not determined marked, it represents an amount that was required to be deposited into a traditional retirement account, in this case a traditional IRA.  If either box 2a or box 5 shows a nonzero amount, it's possible that some portion of this went to a Roth IRA and you would have to determine that from your IRA transaction histories.

[bmfsfan]

Thank you all - I was able to source the rollovers back to the proper accounts by looking at the transaction history so was user error on my end. Appreciate the time and assistance!