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Level 2
posted May 8, 2021 8:32:59 PM

How do I report Form 1099-R and a new Rollover IRA?

I received a Form 1099-R for tax year 2020 from a previous employer’s “defined benefit plan and trust”.
I entered the information provided on Form 1099-R into TurboTax.   Box 7 Distribution Code is G. 
However, at no point did TurboTax ask me “What did you do with the money from (bank)?”
Within 60 days after receiving the check in the Fall of 2020, I put the full amount into a new Rollover IRA.  How do I report this?

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1 Replies
Expert Alumni
May 9, 2021 6:31:53 AM

Code G  in box 7 indicates a direct rollover. You can check line 5 on Form 1040 it should say rollover and 5b taxable amount should be $0.

 

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left