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mgh
New Member

Received 1099 pension rollover to Ira. How effects taxes

Pension 1099 rolled over to Ira. Not taxed but is income??  Does it effect total tax income and taxes due? 

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Accepted Solutions

Received 1099 pension rollover to Ira. How effects taxes

A direct rollover with a code G is not taxable if box 2a is zero.  It should not add to the taxable amount on line 4b on the 1040 form.

The income summary screen will show it as income since it is income that must be reported, just not taxable income.  The summary shows total income taxable or not.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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3 Replies

Received 1099 pension rollover to Ira. How effects taxes

What code is in box 7?
What type of account?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
mgh
New Member

Received 1099 pension rollover to Ira. How effects taxes

“G”. Regular IRA

Received 1099 pension rollover to Ira. How effects taxes

A direct rollover with a code G is not taxable if box 2a is zero.  It should not add to the taxable amount on line 4b on the 1040 form.

The income summary screen will show it as income since it is income that must be reported, just not taxable income.  The summary shows total income taxable or not.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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