Box 7 of 1099-R

[PipiR]

I had an IRA account with Chase Bank. I asked for it to be closed in order to roll it over to a Bank of America Merrill Edge IRA.  Chase insisted on sending me a check even though I told them I had 60 days to roll it over into another IRA.  I went ahead and within one week, I funded the account with Merrill Edge as a roll over.

I have now received the 1099-R form from Chase, and box 7 is marked with a 7 (normal distribution) Since this is considered a direct distribution to me, my taxes amount increases.  When I enter the information on Turbo Tax 1099-R, can I change the entry in box 7 to a  G, which indicates a roll over?

[VolvoGirl · Accepted solution]

No do not change box 7.  After you enter the 1099R it will ask what you did with it and then you enter the amount you rolled over.   Did they take any tax withholding out of the check?  Then you would have to replace the withholding from your own money or the withholding will become taxable.