topic Re: 1099-R in Get your taxes done using TurboTax

1099-R

nealspencerwilliams — Thu, 11 Feb 2021 02:53:34 GMT

I received a 1099-R with code G on it. However, I rolled over a Roth IRA to another Roth IRA. Is it taxable and is code G correct?

Re: 1099-R

AmyC — Thu, 11 Feb 2021 03:08:54 GMT

The G is the code for a rollover. This means there is no tax consequence to you, just reporting it to the IRS. Brokerage firms send the IRS your year end balance each year. This makes you legitimate instead of looking like money laundering or some other devious thing.

Re: 1099-R

nealspencerwilliams1 — Thu, 11 Feb 2021 03:14:31 GMT

I put code G in Turbo tax and it is taxing me on the amount of the rollover.

Re: 1099-R

macuser_22 — Thu, 11 Feb 2021 03:21:03 GMT

@nealspencerwilliams1 wrote:

I put code G in Turbo tax and it is taxing me on the amount of the rollover.

What is on line 4b (taxable amount) on your 1040 form? It should be zero with the word ROLLOVER next to it.

Re: 1099-R

nealspencerwilliams1 — Thu, 11 Feb 2021 03:33:36 GMT

It says rollover and has a taxable amount in 5b

Re: 1099-R

macuser_22 — Thu, 11 Feb 2021 03:37:23 GMT

@nealspencerwilliams1 wrote:

It has the amount of the rollover as taxable and it does not say rollover

If your 1099-R has a code G in box 7 then delete it and reenter. A code G can never be taxable unless it was rolled to a Roth account as a taxable conversion.

What is in box 2a?

Re: 1099-R

nealspencerwilliams1 — Thu, 11 Feb 2021 03:43:12 GMT

It was a ROTH IRA account and it was rolled over to another ROTH IRA.

Do you mean box 2a of the 1099-R?

Re: 1099-R

macuser_22 — Thu, 11 Feb 2021 03:53:02 GMT

A Roth IRA transfer to another Roth IRA with a trustee-to-trustee transfer should not even generate a 1099-R.

But if you got one then the box 2a should be zero. Is there an amount in box 2a?

Is the IRA/SEP/SIMPLE box checked?

Re: 1099-R

nealspencerwilliams1 — Thu, 11 Feb 2021 03:55:00 GMT

It has the amount of the rollover in box 2a with no IRA/SEP/SIMPLE box checked.

Re: 1099-R

macuser_22 — Thu, 11 Feb 2021 04:10:32 GMT

That does not sound like a Roth IRA to Roth IRA rollover at all.

More likely a 401(k) plan to Roth IRA conviction that is fully taxable. You should contact the issuer of the 1099-R to find out just what the 1099-R is reporting. Your believe seems to be in conflict with the 1099-R.