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nealspencerwilliams
New Member

1099-R

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?

9 Replies
AmyC
Employee Tax Expert

1099-R

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.

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nealspencerwilliams1
Returning Member

1099-R

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

macuser_22
Level 15

1099-R


@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.

**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.**
nealspencerwilliams1
Returning Member

1099-R

It says rollover and has a taxable amount in 5b

macuser_22
Level 15

1099-R


@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?

**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.**
nealspencerwilliams1
Returning Member

1099-R

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

 

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

macuser_22
Level 15

1099-R

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?

**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.**
nealspencerwilliams1
Returning Member

1099-R

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

macuser_22
Level 15

1099-R

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.

 

 

**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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