My 1099-R was a rollover; no 1099-R received by placement institutions

[r-walz-6657]

Should I request 1099-R for the rollover, or should I not report the distribution from the originating source?

[ChelsiE2 · Accepted solution]

Yes, you should request a Form 1099-R for this rollover before you file your tax return.  You will need to report the distribution even though it was rolled over.

[r-walz-6657]

Have contacted the indirect IRA rollover destination Vanguard; they tell me they send out a form 5498 in May, confirming the rollover.   They say no 1099-R will come from them, as that form is only for distributions.  I now have the 1099-R from the source of the distribution, but it is showing as taxable in my Turbo Tax.   How to I correctly reconcile an indirect IRA rollover to ensure I'm not paying tax on the proceeds?

[ChelsiE2]

@r.walz.6657 After you enter your 1099-R into TurboTax there will be a series of question that follow.  On these screens you can indicate that the distribution was a rollover.  If you do not indicate it as such, then the software will think it's taxable.

[macuser_22]

@r.walz.6657 - Vanguard is correct - you only get one  1099-R.

TT will ask if you moved the money to another retirement account - say yes.

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b.  In the case of a rollover, that amount will be zero.

[debroq]

I have the same problem but TT doesn't ask if you rolled it over to another IRA.  I get asked "Did you roll over this money to a Roth IRA account?" and did I roll it over to an HSA.  So where do I report the rollover?

[Bees]

Did you actually get a check and then set up your new IRA?  If it went from the financial institution directly to the other IRA  trustee to trustee transfer  there is no 1099-R.  The code in box 7 says that you rolled it into another traditional IRA

[debroq]

I actually rolled over an IRA account to a 401-K.  I received a 1099-R from the original IRA but received nothing from my 401-K account (Vanguard).  Should I have received a form from them?

[macuser_22]

@debroq  - If your 1099-R has a code "G" in box 7 for a direct 401(k) to Traditional IRA rollover, then it is automatically   a rollover.   The only question that need to be asked it it was converted to a Roth - if not then is is a Traditional IRA rollover and you should see it on line 16a of the 1040 form as explained above.

[debroq]

My 1099-R has a "G" in box 7 so I guess I'm good.  I was concerned when I saw that the box 1 gross dist amount was lumped in with my taxable distributions on the TT "Your 1099-R Entries" page to show total withdrawals.

[macuser_22]

The summary screen only shows gross amounts (box 1) and not taxable amounts.