1099R

Forum|Forum|6 years ago
April 20, 2020
1 reply
7 views

I received two 1099Rs for two separate retirement plans from Oregon PERS. Neither one is a taxable amount with the use of code G in box 7. One was sent directly to my other IRA account and the second one was mailed to me with the name of the investment company, which I mailed directly to them to be also placed in the same IRA account. Do I have to report this as income?

macuser_22

Alumni - Champ

A code G with box 2a a zero is not taxable but must be reported.

If not reported the IRS can assume that the rollover was never completed and bill you for the tax on the box 1 amount.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
(I'll choose what I work on - if that screen comes up)
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version left side) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

**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.**