1099R code G

Forum|Forum|4 years ago
February 4, 2022
2 replies
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Hi, I just received a 1099-R in the mail. Every single box is blank except for Box 1 that lists the amount and Box 7 that has code G. I have no idea what this is, I never received this money and I never touched it. I read online code G means it was transferred, but I never touched this money and never did anything with it at all. I didn't even know I had this. I believe it's from an old company I worked with for a while a couple of years back. Why are they sending me this? The thing is I already filed my taxes before I got this letter and they were accepted. I don't want to get in trouble. Any advice?

Not A Product Question

fanfare

Level 15

If you see Code G yes it was transferred and it is not taxable.

If you already filed, you can ignore it.

Keep the document with your other records

dmertz

Level 15

This is reporting a direct rollover from your retirement account at the old company to another qualified retirement account. If you did not request this direct rollover, perhaps they terminated the plan or your balance in the plan was below the minimum needed to be able to maintain the account after separation from service with this company and a direct rollover was made to a traditional IRA for your benefit. It's also possible that the company was acquired and the old company's plan was merged with one a the acquiring company (although normally this would be done as a nonreportable transaction).