topic Re: 1099-R in Retirement tax questions

1099-R

JohnR6 — Sat, 08 Feb 2020 17:13:07 GMT

I received a 1099-R for a pension account that I rolled over to an IRA rollover account. No taxes were withheld. Only box 1 had a number. Box 7 had code G (direct IRA rollover). There were no TurboTax questions on this item about an IRA rollover. It just ask a question about rollover to a Roth IRA. When my gross income is calculated, it adds this amount to the total gross which is incorrect. It does not seem to indicate I owe taxes on the amount (does not change my taxes owed/refund). Is this OK?

Re: 1099-R

LinaJ2020 — Sat, 08 Feb 2020 17:46:32 GMT

Yes, it is okay. So what happens is this:

Once you enter the code G direct rollover, the program recognizes it as a rollover nontaxable event. The total amount of the rollover should be reported on your Form 1040 line 4a, as a nontaxable amount. Since this is a nontaxable amount, it shows zero amount or nothing on line 4b as the taxable number. You do not pay any taxes on it.

Re: 1099-R

macuser_22 — Sat, 08 Feb 2020 17:57:05 GMT

A code G is automatically a rollover to a Traditional IRA unless yiu indicate that it was rolled into Roth. If you answer no to the two Roth questions then the default *is* a Traditional IRA so there is no need to ask any additional questions.