Hello,
I had a "deferred vesting retirement plan" with an educational institution at TIAA that hiked up plan management rates. To avoid paying those rates I rolled that money (~$450) over into my TIAA traditional IRA in March 2023. While hanging out in the traditional IRA, it gained some cap gains, and eventually I rolled that entire amount (then $456) to my employer provided 401k at Fidelity. However, since the money moved to another institution, TIAA shows its statement to me as "cashed out". Fidelity shows the same $456 as a "rollover", as they got the check from TIAA directly (no check was ever sent to me personally).
I have two TIAA 1099-Rs: (1) with box 1 = $450, box 2a = $0, Distr. code = G, IRA/SIMPLE box not checked, (2) with box 1 = $456, box 2a = $0 , Distr. code = G, IRA/SIMPLE box checked.
When I follow Turbotax with entering these 1099-Rs separately, I never get to "Tell us if you moved the money through a rollover or conversion" so that I could indicate the $456 were moved into a 401k. I also see no other option to show that the $450 were rolled over into a traditional IRA. Currently, it looks like I have a $906 income from these two forms, but it's really the same $450-ish bucks that moved from one retirement account to another. How do I enter this correctly?
Thank you!
The code G in box 7 means that the distribution is a rollover to a qualified plan, so it shouldn't show as taxable on your return, as mentioned by @dmertz. That may be why you don't see any questions regarding the rollover. You can look on line 4(b) or 5(b) of your Form 1040 to confirm that the distribution is not showing as taxable on your return. It will show in box 4(a) or 5(a), but if it is not taxable it won't show in box 4(b) or 5(b).
To view your form 1040 and schedule 1 to 3:
Code G indicates a direct rollover, which is what was performed in each case, so all you need to do is make sure that you answer No to any questions asking if you moved the money to any kind of Roth account. TurboTax will then automatically treat these as nontaxable rollovers.
The code G in box 7 means that the distribution is a rollover to a qualified plan, so it shouldn't show as taxable on your return, as mentioned by @dmertz. That may be why you don't see any questions regarding the rollover. You can look on line 4(b) or 5(b) of your Form 1040 to confirm that the distribution is not showing as taxable on your return. It will show in box 4(a) or 5(a), but if it is not taxable it won't show in box 4(b) or 5(b).
To view your form 1040 and schedule 1 to 3: