We rolled money from one ira to another ira, never seeing the money. the 1099 we got says this money is taxable. is this correct?

[magic]

if you rollover money from one IRA to another is it taxable?

[CherylW · Accepted solution]

No, if you rolled it over within 60 days, it is NOT taxable.

There should be a code G in box 7 of your 1099-R.  That tells the IRS that it's not taxable.  You'll have to input it under Retirement Plans and Social Security under Wages and Income.  It'll also show up on line 15a of your 1040, but not 15b.  To check:

1. Go to My Account. 

2. Go to Tools. 

3. Go to View Tax Summary. 

4. Go to Preview my 1040.