turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

m2vattimo
New Member

2024 1099-R

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

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
KeshaH
Employee Tax Expert

2024 1099-R

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.

dmertz
Level 15

2024 1099-R

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 .

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question