How to record a direct rollover from a Fidelity profit sharing plan to a Fidelity rollover IRA

[mnd]

Following TT instructions I use Form 1099-R to show the distribution as non-taxable income. The distribution code of "G" seems to be the only indication that the funds were directly rolled over to an IRA. Is that all that I should be doing here. No need to identify the IRA where the funds were transferred to? Isn't the IRS going to question the large non-taxable jump in income?

[rjs]

All you have to do is enter the Form 1099-R that you received. Just enter the information as it appears on the 1099-R, and continue through all the questions after you enter it. The distribution code G on the 1099-R means that the plan custodian knows it's a non-taxable direct rollover. The IRS won't question it because they see the code G. You don't have to identify the IRA that it went into. The code G shows that it was a valid direct rollover.

[JulieS]

No, you don't have to do anything else when you have a code G in box 7 of your Form 1099-R. 

Basically, Fidelity is "vouching" for you that this is proper trustee to trustee rollover. 

[mnd]

Thank you for responding.