consolidated retirement accounts

Forum|Forum|6 years ago
March 26, 2020
4 replies
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I consolidated retirement accounts from multiple jobs into one traditional IRA account. Some 1099-R indicated in box 7 a G others noted a 7. Do these count as income?

MinhT1

Level 15

If the amounts reported on the forms 1099-R coded 7 in box 7 were rolled over to the Traditional IRA, you should continue with the TurboTax interview which follows the entry of the 1099-R. At the page titled What did you do with the money? Check that you moved it to another retirement account and that you rolled it over to a Traditional IRA (see screenshot).

The amounts rolled over will be excluded from taxation.

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bebecookAuthor

Level 2

When consolidating the retirement accounts, the 1099-R distribution code in Box 7 was G. The interview did not ask if the money was rolled over to a traditional IRA, just a Roth. Will the money be treated as income?

JulieS

Level 15

No, code G indicates a direct rollover, that is a rollover where the funds go from one bank to the other without a check being issued to you. The amount will appear on line 4a, but will not be added into your taxable income.

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