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fstewa01
New Member

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

My rollover was from one 401K plan to another 401k plan
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7 Replies
pk
Level 15
Level 15

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

@fstewa01 , I agree that with a direct roll-over as denoted by code G, there should be no tax consequence.  But exacts facts and circumstances matter.  What did you transfer and how did you do it -- what did you enter to make TurboTax think/assume that this was not a direct roll-over i.e. trustee to trustee?  Please tell more --yes?

fstewa01
New Member

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

So, I just entered the information from the 1099-R that I received, which basically had the amount that was distributed and also the distribution code.  It also indicated it was a total distribution. The company I left sent a direct payment to another company to put it into another account.  And that was all I entered, but when I get to the summary, it says that amount is taxable, but it shouldn't be.

fstewa01
New Member

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

I also forgot to mention that the box that has taxable amount is 0.

pk
Level 15
Level 15

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

@fstewa01  if the code is G and the taxable amount is zero, then I don't understand your concern -- because  then it is not a tax event.  Why do you Turbo is treating it wrong -- there should zero tax on this 

 

pk

fstewa01
New Member

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

When I go to the review sections, it includes the totals of my distributions as taxable income, that is why I am concerned about it. I was letting you know I entered 0, in box 2a which is the "Taxable Amount" box.

 

pk
Level 15
Level 15

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

@fstewa01 , that is interesting indeed -- even if it is just  a way to tell you all income that you have entered and has nothing to do with the AGI and taxable income.  I will try this out  and see why it is handling it this way.  Will come back later .

 

pk

fstewa01
New Member

A direct rollover on a 1099-R should not be taxable, when the code is G? Why is it showing as taxable income?

Ok, thanks

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