topic 2024 1099-R in Get your taxes done using TurboTax

2024 1099-R

m2vattimo — Sat, 01 Feb 2025 14:38:39 GMT

Hello,

My wife took a a distribution from her IRA on 1/8/2025. We received a 1099-R for 2024 ?

Do we have to report it on our 2024 return or 2025 ? We have already filed our 2024 and didnt have

plans of reporting it until our 2025 return. If it helps, box 7 is filled with code "G".

Thanks,

Mike

Re: 2024 1099-R

KeshaH — Sat, 01 Feb 2025 15:26:02 GMT

The 2024 1099-R should be reported on the 2024 tax return.

The good news is that Code G in box 7 means the distribution was a rollover from one qualified account to another qualified account, so there would be no tax due. If your wife took an actual distribution as cash in 2025, that wouldn't be what's reported on the 1099-R that you received. You should receive another 1099-R for 2025 with that distribution.

Re: 2024 1099-R

dmertz — Sun, 02 Feb 2025 13:20:58 GMT

Code G does not necessarily mean a nontaxable distribution. Whether or not a code-G distribution is taxable depends on the type of account, traditional or Roth, that received the direct rollover. The taxable amount will be shown in box 2. However, if a direct rollover to another traditional retirement account was initiate but the funds were diverted to a non-retirement account and the rollover never completed, the code-G From 1099-R would not reflect the failed rollover and the result would be a taxable distribution .