In 2021, I completed a rollover from my previous employer's 401k to a Rollover IRA. I received a 1099-R from my previous employer's 401k. In Box 2b, it states a "x" in "Total Distribution". In Box 2a, it says "$0". My question is this: Since my 5498 from my receiving Rollover IRA isn't available until after April 2022, how will the IRS know to not tax me for this rollover? Will my 1099-R from my previous employer's 401k suffice? Or what additional information / documentation do I need to input or include in my 2021 tax filing with Turbotax to ensure that the IRS won't question this transaction or charge me in any way?
I just want to avoid issues in the future if I can...
I really appreciate any help you can provide!
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Look at the distribution code in box 7. Code G tells the IRS it is a roll over.
Yes, the 1099-R from your previous employer has all the necessary information for IRS to know that it is a rollover.
The code for Box 7 should be G if it is a rollover and IRS will know it was a rollover and not a distribution. Form 5498 is an only informational tax form.
If there is a 0 in Box 2 indicates that taxable amount is 0.
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